The number of projects on hold dropped dramatically last month as the construction industry rallied towards the end of the year
According to industry tracker Glenigan, only 588 schemes were mothballed by developers in November – 106 less than in October and a significant fall from the peak of 756 in June (see graph below).
Allan Wilen, Glenigan’s economic director, said the latest results provided ‘some festive cheer.‘At £2.5 billion, the value work put on hold during November, excluding major schemes of £100million or more, was the second lowest monthly total this year and was 29 per cent less than the value of work shelved during October.
‘Furthermore, whilst the number of shelved projects has crept up after the August lull, the number of stalled schemes during the last three months is still some 17 per cent off the peak seen during the first quarter of 2009.’
The news comes as the RIBA’s Future Trends Survey revealed the number of architects predicting an increase in workload last month had risen across every sector of work.