According to the latest edition of the Economic & Construction Market Review, the value of construction contract awards in November 2019 was £5.4bn, a 9.1% increase on October 2019
The contract award values saw an increase of 20.2% when compared with November 2018. The number of awards decreased by 1.0% in November to 855 which is also 3.8% lower than for November 2018.
The residential sector was the largest in terms of contract awards in November with share of 38.1% which compares to just 28.0% share of awards in October.
The commercial & retail sector was the second-largest this month with an attributable share of 18.2%, benefitting from some larger-scale office developments. Accounting for 15.9% of all construction contract awards this month the infrastructure sector managed to secure third place.
Commenting on the figures, Tom Hall, chief economist at Barbour ABI and AMA Research said, “We continue to see an upward trend in contract awards value following on from lower levels in August and September of this year.
“With the General Election taking place this week, depending on the outcome, the outlook may shift with the differing party policies.”
The leading region for construction contract awards in November was London which accounted for 17.6% of all contract awards.
The South East was the second largest region this month with an attributable share of 14.7% and was followed by the North West which accounted for 12.9% of all contract awards.
The largest value contract award for November was the £156.5m White City Place, at Shepherds Bush in London. The project will involve the construction of three structures to provide a new office space.