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UK Construction Contracts Valued At £5.5bn In January
The value of construction contracts awarded in the UK in January climbed steeply from the figure recorded in December 2019, the latest data from Barbour ABI shows.
According to the organisation, the top 50 UK contractors were awarded £5.5 billion worth of business in the first month of 2020. This is a 178 per cent increase on the value of contracts awarded in December last year, it noted.
In total, the top 50 contractors in the UK have been awarded work on 182 projects around the country. As well as the sharp increase in the value of the contracts being awarded, the number of contracts also increased by 75 per cent month-on-month between December and January.
However, the organisation did point out that the figures have been boosted by a few major projects, such as the highest value contract awarded last month. This was for the Dogger Bank Creyke Beck 1.4GW Offshore Wind Farm, which is valued at £2 billion, Premier Construction News revealed.
Meanwhile, the Riverlinx Consortium topped the list of contractors in terms of contract values, after receiving a single contract worth £1 billion to deliver the Silvertown Tunnel development in London.
Premier Construction News dug deeper into the figures to reveal that infrastructure projects accounted for the greatest share of new contracts (42.7 per cent). The residential sector was in second place, accounting for 25.5 per cent of the contracts awarded.
While London was named as the region with the highest number of construction contract awards (32.5 per cent of the total), Yorkshire and Humber was the second largest region in January, accounting for 26.6 per cent of total awards.
The news provider also pointed out that the remaining regions all received a significantly smaller share of the contracts available, all attracting less than ten per cent of the available awards.
But property developers in the north of England received a boost this month, after GBB announced a new fund worth £1 billion designed to improve access to finance for small and medium-sized (SME) construction companies.
According to Property Reporter, this fund will specifically benefit firms in the north east, north west and Yorkshire.
In particular, GBB has revealed it will support residential construction projects of between ten and 40 houses, as well as commercial properties sized between 1-3,000 square metres.
This funding is expected to support the delivery of over 12,400 residential homes and more than 500 commercial properties, the news provider noted.
Steve Deutsch, GBB’s chief executive officer, told the news provider that his firm understands the importance of SME housebuilders. “Our ambition is to become an engine of economic growth for regional SME developers by providing bespoke secured finance underpinned by long-term relationships that build trust and generate repeat business.”
Insider Media recently reported that planning permission has been granted to build over 400 new homes at a site in East Yorkshire. Lovell Developments now has the go-ahead to construct 430 new homes, of which 15 per cent will be affordable housing, at the Woodmansey site.
An influx of construction work will mean a greater need for scaffolding contractors in York and elsewhere in the north of England. Get in touch if you need assistance with scaffolding at a project you’re working on.
