The Construction Products Association’s Summer Forecasts, released today, highlight that the construction industry will grow about 10.0% and contribute nearly £11 billion to the UK economy over the next two years alone.
Construction output will grow 4.7% in 2014 and 4.8% in 2015, while total construction output will rise 22.2% over the next five years.
Dr Noble Francis, Economics Director of the Association, commented:
“The Forecasts reflect the increasing strength of the sector, though risks remain. We anticipate the recovery will continue through the forecast horizon in 2018 and broaden both across sectors and regions. Overall levels of activity will likely match their 2007 peak in 2017.
“In the short-term, the activity will primarily be led by private housing, infrastructure and commercial.”
The Association is anticipating that infrastructure output will increase during the forecast period across all key sub-sectors including roads, rail, energy, and water and sewerage. Output is expected to rise 9.2% in 2014 and 7.0% in 2015, primarily due to major projects such as Crossrail and nuclear decommissioning.”
The Construction Products Association represents the UK’s manufacturers and distributors of construction products and materials. The sector directly provides jobs for 300,000 people across 20,000 companies, has an annual turnover of more than £40 billion and accounts for over 1/3 of total construction output.
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