{"id":133195,"date":"2023-10-04T11:48:09","date_gmt":"2023-10-04T10:48:09","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=133195"},"modified":"2023-10-04T11:48:09","modified_gmt":"2023-10-04T10:48:09","slug":"uk-projects-downturn-glenigans-october-construction-index","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/uk-projects-downturn-glenigans-october-construction-index\/133195\/","title":{"rendered":"UK projects see downturn in Glenigan’s October Construction Index"},"content":{"rendered":"

Glenigan has released the October 2023 edition of its Construction Index. This edition focuses on the three-month period leading up to the end of September 2023<\/h2>\n

The Construction Index analyses all fundamental projects valued at \u00a3100m or less unless otherwise noted (all figures are seasonally adjusted).<\/p>\n

The Construction Index report offers an in-depth analysis of year-on-year construction data. It provides insights for professionals in the built environment, offering a unique perspective on the sector’s performance over the past year.<\/p>\n

The Construction Index reports more decline in activity<\/h3>\n

The October Index revealed a decline in project starts, continuing the overall downward trend seen throughout the second and third quarters of 2023. The value of on-site work dropped by 16% compared to the previous three months<\/a>, resulting in a 32% decrease compared to the same period last year.<\/p>\n

While there was some modest growth in civil engineering project starts, this positive development is likely to be short-lived due to uncertainties surrounding HS2<\/a>. While poor performances were recorded in both residential and non-residential sectors.<\/p>\n

Rising interest rates and the increased financial strain on households have had a negative impact on consumer confidence. This has caused investors in consumer-related industries to become uneasy, resulting in significant delays in starting projects across the UK.<\/p>\n

The upcoming change in government leadership in the UK has led to reduced activity in the public sector, particularly in areas such as education and healthcare. As a result, project starts in these sectors have also been pushed further down.<\/p>\n

\u201cMany will be disappointed to see performance levels declining further after an extremely tough six-month period. Given the persistent economic and political uncertainty, it\u2019s hardly surprising,\u201d commented Glenigan<\/a>\u2019s economic director, Allan Wilen.<\/p>\n

\u201cWith sky-high interest rates denting confidence, the Government is spending thriftily, holding back investment in public sector areas until a degree of certainty returns to the economy. This is not being helped by the prospect of a hotly contested election within the next 12 months, which may see a change in administration,\u201d he continued.<\/p>\n

Results have varied across the sectors<\/h3>\n

In the UK, the residential sector saw a significant 10% drop in project starts in the three months leading up to September, marking a 26% decrease from the previous year. Social housing and private housing also declined by 13% and 10% compared to the previous quarter, with substantial year-over-year drops.<\/p>\n

In the non-residential sector, most verticals experienced substantial decreases in project starts during Q3. The education and health sectors weakened significantly, with declines of 35% and 25% compared to the previous quarter.<\/p>\n

Office, industrial, retail, and hotel\/leisure sectors also performed poorly, with declines ranging from 14% to 41%. Civil engineering was the only sector to see an increase of 8%, primarily due to infrastructure work.<\/p>\n

Across UK regions, most areas witnessed declines in project starts, with the North East and East of England experiencing the most significant drops of 36% and 33%, respectively. The East Midlands saw a 52% decrease compared to 2022, while London had a 10% increase in project starts.<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

Glenigan has released the October 2023 edition of its Construction Index. 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