{"id":72243,"date":"2020-02-21T11:24:01","date_gmt":"2020-02-21T11:24:01","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=72243"},"modified":"2020-02-24T07:59:46","modified_gmt":"2020-02-24T07:59:46","slug":"construction-contracts-january","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/construction-contracts-january\/72243\/","title":{"rendered":"Construction contract awards increase by 18.5% in January"},"content":{"rendered":"

Construction contracts hit \u00a35.5bn in January, an 18.5% increase on the previous month, as the fog of Brexit and General Election uncertainty lifts<\/h2>\n

The value of all construction contracts awarded in January 2020 was \u00a35.5bn<\/a> based on a three-month rolling average. This is 2.1% ahead of January 2019.<\/p>\n

In the three-month period ending January 2020, total construction contract awards were valued at \u00a315.6bn which is 7.1% higher than the previous quarter and is also 5.1% higher than the comparable quarter ending January 2019.<\/p>\n

In January the number of construction contract awards was 893 which is an increase of 95.4% in December 2019, according to the latest edition of the \u2018Economic & Construction Market Review\u2019 from Barbour ABI<\/a>.<\/p>\n

\"Construction<\/a><\/p>\n

Infrastructure contracts boost industry<\/h3>\n

The largest sector this month was infrastructure with a share of 42.7% of awards, while the residential sector took second place with a share of 25.5%.<\/p>\n

The infrastructure sector accounted for the two largest contract awards in January with a combined value of \u00a33bn. The largest contract award was the \u00a32bn Dogger Bank Creyke Beck 1.4GW Offshore Wind Farm. The second-largest contract award was the \u00a31bn Silvertown Tunnel project<\/a> in London.<\/p>\n

London maintains top spot<\/h3>\n

Regional analysis indicates that London maintained its leading position, accounting for 32.5% of all construction contract awards. With a share of 26.6%, Yorkshire & Humber was the second largest region in January. The two leading regions accounted for 59.1% of all awards this month.<\/p>\n

Remaining regions all attracted significantly smaller individual share (all under 10%) with Scotland and the East of England vying for third place with a respective share of 6.5% and 6.4% of construction contract awards.<\/p>\n

Construction activity responds to clarity<\/h3>\n

Commenting on the figures, Tom Hall, chief economist at Barbour ABI and AMA Research<\/a>, said: \u201cJanuary\u2019s strong contracts awards data suggests construction industry activity may be starting to respond after a clear general election result<\/a> and the UK\u2019s exit from the EU finally occurring, even if it is largely symbolic at this early stage.<\/p>\n

\u201cWhether the fog of uncertainty descends again as the upcoming UK-EU talks commence remains to be seen. Positive signs, such as the approval of HS2<\/a>, indicate growth for the sector but at the moment it is too soon to tell whether January\u2019s increase will convert into a sustained boom for the industry.\u201d<\/p>\n

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

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