Umbrella contractors working in the construction sector will be happy to hear that the industry is experiencing a move in the right direction after a negative month in May.
The recent Economic & Construction Market Review from industry analysts Barbour ABI revealed that contract awards increased by 12% across all regions of the UK, which totalled £5.5 billion based on a three-month rolling average – an increase on the £4.9 billion from May.
The report also found that London led all regions with 26% of the total construction contract value for June and across all the various construction sectors, it was the Residential building that produced the highest value, reaching £2.5 billion – in May, this figure stood at £1.7 billion.
Michael Dall, Lead Economist at Barbour ABI, commented on the recent findings, “The construction sector bounced back after an election-focused month in May, as the residential sector once again performed strongly, continuing the trend of it holding the construction sector steady. However with declines in value from Hotel, Leisure & Sport and in particular Infrastructure, there is continuous pressure on Residential to achieve high values every month.”
“With the Governments increasing focus on raising the levels of major infrastructure projects, it’s surprising to see a lack of development in this sector across June. The anticipation however, is that we will see larger public sector contracts come to the forefront, such as offshore wind farms, energy plants and motorway upgrades as we continue into 2017.”
Alastair Stallwood is an Apprentice for ContractorUmbrella Ltd, one of the UK’s Most Respected Umbrella Companies.