{"id":67961,"date":"2019-11-22T12:35:49","date_gmt":"2019-11-22T12:35:49","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=67961"},"modified":"2019-11-22T12:35:49","modified_gmt":"2019-11-22T12:35:49","slug":"construction-contract-awards-2","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/construction-contract-awards-2\/67961\/","title":{"rendered":"Construction contract awards climb by 4.1% in October"},"content":{"rendered":"

Construction contract awards increased in October by 4.1% to \u00a34.9bn compared with the previous month<\/a>, as the residential sector takes the lion\u2019s share of awards<\/h2>\n

Based on a three-month rolling average, construction contract awards experienced a boost in October, with an increase of 28.5% when compared with October 2018.<\/p>\n

The latest edition of the Economic & Construction Market Review from industry analysts Barbour ABI<\/a>, reveals the number of contract awards increased by 22.4% in October to 864 which is also 4.0% higher than for October 2018.<\/p>\n

Although construction contract awards numbers have increased in October, they remain turbulent with evidence of a downward trend for overall contract awards since January 2019. In the three-month period ending October 2019, the total value of contract awards was \u00a314.5bn, which is 14.0% lower than the previous quarter and 14.4% lower than for the comparable quarter ending October 2018.<\/p>\n

The residential sector<\/a> accounted for 28% of all contract awards, closely followed by the industrial sector with a 22% share. The total contract awards value for the residential sector was \u00a31.7bn which is a reduction of 9.5% on September and is 12.5% lower than for October 2018. However, industrial contract awards values have increased by 39.9% on September with a total value of \u00a3735m.<\/p>\n

The largest value construction contract award for October 2019 was the Fawley Refinery Upgrades in Southampton \u2013 valued at \u00a3800m, substantially boosting the figures for the industrial sector.<\/p>\n

Commenting on the figures, Tom Hall, chief economist at Barbour ABI and AMA Research, said: \u201cThe residential sector has experienced slightly slower activity throughout 2019, there has been a small pick up in London, but data shows that there is a cooling off in activity throughout the rest of the UK. The most recent help to buy data shows reduced volumes which would also support this view.\u201d<\/p>\n

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

Construction contract awards increased in October by 4.1% to \u00a34.9bn compared with the previous month, as the residential sector takes the lion\u2019s share of awards.<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[825,676,572,579,639],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-67961","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-barbour-abi","8":"tag-construction","9":"tag-housebuilding","10":"tag-infrastructure","11":"tag-procurement"},"acf":[],"yoast_head":"\nConstruction contract awards climb by 4.1% in October<\/title>\n<meta name=\"description\" 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