The construction industry is finally recovering from the uncertainty caused by this year’s General Election, with private housing leading the way, industry analyst Glenigan has said
More from: Private-housing starts incresase by 9%
Comparing the first three quarters of 2015 with the same period last year, Glenigan’s latest snapshot of UK construction activity showed that private-housing starts were up by 9 per cent.
The value of private-housing schemes starting on site between July and September was up 15 per cent on the same period in 2014.
Data provided by Glenigan (see chart) showed the value of private-residential starts in this period was £3.02billion - up from £2.64billion for the same quarter in 2014. The value of approvals for the quarter was £3.90billion, up 20 per cent from the previous year’s figure of £3.25billion. Private-housing project starts were up 5% comparing the two quarters.
However broader sector indicators were more mixed. Glenigan said the value of all starts during the third quarter of 2015 was down 2 per cent on 2014. Non-residential starts as a whole were down 6 per cent on a year earlier, with modest private-sector growth dragged down by weakness across the public sector.
Glenigan economics director Allan Wilén said July had been the weak point of the most recent quarter, with both August and September above their 2014 levels.
‘During the first three quarters of this year the underlying value of projects receiving planning approval has risen by 15 per cent,’ he said.
‘Moreover, of the 11 construction sectors, nine have seen growth, pointing to progress across the industry.’
Wilén said Glenigan had recorded an unprecedented freeze in university projects starting on site ahead of May’s election.