UK
Ireland
Scotland
London
Construction News
15/03/2010
Value Of Construction Projects Slide
The value of construction projects starting on site during the three months to February 2010 was 15% lower than the same period a year ago according to the latest Glenigan Index.
The fall is the result of continued weakness of non-residential project starts and a drop in civil engineering projects.
"The rise in private housing projects points to improving private sector confidence which is expected to lift industry prospects during 2010 countering the impact of declining government funded work," said Allan Wilén, Economics Director, Glenigan.
The Glenigan Residential Index for February was 13% higher than a year ago due to an increase in private and social housing project starts.
"Private housing projects picked up as housebuilders pressed on with projects disrupted by poor weather during December and January.
"Housebuilders are keen to capitalise on rising house prices and property transactions and the further improvement in market conditions anticipated for 2010," commented Mr Wilén.
The Non-Residential Index for February was 24% lower than February 2009 because private and public funded project starts were weak.
Mr Wilén explained: "Commercial and industrial project starts remain weak due to the sharp fall in rental and capital values over the past two years.
"Increased investor interest in these markets has not yet fed through to developer activity. Glenigan forecast that office, industrial and retail project starts will increase in the second half of 2010."
Mr Wilén added: "The rise in government funded work since April 2009 partially offset weak private sector investment.
"However, more recently the flow of health and community & amenity projects has slowed and education projects fell back sharply during the three months to February.
"The Civil Engineering Index for February was 32% lower than February 2009 due to fewer road and rail projects and a surge in project starts in February 2009 which exacerbates the fall in the annual comparison.
New renewable energy and transport infrastructure projects are forecast to boost in the sector.
(BMcC/GK)
The fall is the result of continued weakness of non-residential project starts and a drop in civil engineering projects.
"The rise in private housing projects points to improving private sector confidence which is expected to lift industry prospects during 2010 countering the impact of declining government funded work," said Allan Wilén, Economics Director, Glenigan.
The Glenigan Residential Index for February was 13% higher than a year ago due to an increase in private and social housing project starts.
"Private housing projects picked up as housebuilders pressed on with projects disrupted by poor weather during December and January.
-- Advertisement --
"Housebuilders are keen to capitalise on rising house prices and property transactions and the further improvement in market conditions anticipated for 2010," commented Mr Wilén.
The Non-Residential Index for February was 24% lower than February 2009 because private and public funded project starts were weak.
Mr Wilén explained: "Commercial and industrial project starts remain weak due to the sharp fall in rental and capital values over the past two years.
"Increased investor interest in these markets has not yet fed through to developer activity. Glenigan forecast that office, industrial and retail project starts will increase in the second half of 2010."
Mr Wilén added: "The rise in government funded work since April 2009 partially offset weak private sector investment.
"However, more recently the flow of health and community & amenity projects has slowed and education projects fell back sharply during the three months to February.
"The Civil Engineering Index for February was 32% lower than February 2009 due to fewer road and rail projects and a surge in project starts in February 2009 which exacerbates the fall in the annual comparison.
New renewable energy and transport infrastructure projects are forecast to boost in the sector.
(BMcC/GK)
Latest Construction News
29/01/2025
Caddick Construction has been awarded a £43 million contract to deliver the first phase of Cole Waterhouse's flagship regeneration scheme in Digbeth, Birmingham.
The project, known as Upper Trinity Street, marks a significant step in the area’s transformation.
Spanning 182,986 square feet, the re
29/01/2025
McLaren Construction has been appointed by O&H Properties to deliver the first phase of a £60 million Foster & Partners-designed development at the corner of New Bond Street and Grafton Street in London’s West End.
The seven-storey, 5,400 square metre prime retail and office scheme will feature ret
29/01/2025
GMI Construction Group has been awarded a contract to develop three high-specification warehouse units totalling over 175,000 square feet at Precedent Drive, Milton Keynes.
The £20 million project, commissioned by DV5 Last Mile Developments (UK) Ltd, a joint venture between Coltham and Delancey Re
29/01/2025
Plans for 106 sustainable new homes in Southville, a neighbourhood in South Bristol, have been approved as the city seeks to increase housing delivery to address growing demand.
Top 10 award-winning housebuilder The Hill Group will create a £60 million development on Raleigh Road, on land that was
29/01/2025
Bouygues UK has reached a major milestone in the fourth phase of the Hallsville Quarter regeneration project in Canning Town, London.
The project, part of the £3.7 billion Canning Town and Custom House Regeneration Programme, recently held a topping out ceremony, marking the completion of the 11-s
29/01/2025
Willmott Dixon Interiors is carrying out a significant upgrade to the roof of the National Maritime Museum in Greenwich, one of London's most iconic cultural landmarks.
As part of the £12 million project, the company is installing over 23,000 square feet of sun-protected glazing above the museum’s
29/01/2025
Equans has been appointed by Babergh and Mid Suffolk District Councils to carry out crucial decarbonisation work across the councils' housing stock, using funding secured through the Social Housing Decarbonisation Fund (SHDF).
The councils used the South East Consortium's Zero Carbon Framework to s
29/01/2025
In the world of construction, the quest for energy efficiency and sustainability is ever-evolving. Among the array of solutions available, EPS (Expanded Polystyrene) insulation stands out as a versatile and effective option for enhancing the thermal performance of buildings, particularly when used f
29/01/2025
BCP Council has completed significant coastal protection works at Hamworthy Park, ensuring its resilience against erosion for the next 20 years.
A 200-metre stretch of sea wall along the eastern promenade has been reinforced using low-carbon concrete, while new steps have been constructed to improv
29/01/2025
Geo-environmental consultancy and remediation contractor, The LK Group, has strengthened its team with a trio of recruits.
The multidisciplinary company's latest raft of hires comprises a new director, associate director and remediation manager.
The geo-environmental specialist, headquartered i
