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It shows that during 2018 the value of construction contracts awarded was £61.6 billion, a decrease of 13.1% on 2017. The number of contracts was also on a downwards trend with 10,352 awarded, a decline of 8.2% on 2017. In good news though, the planning pipeline remains positive with infrastructure particularly strong showing a 113% increase on 2017.
Economic & Construction Market Review shows that it was the residential sector that had the highest proportion of contract awards. Residential topped the leader board with a 37% share of awards – an increase of 2% on 2017.
Infrastructure was the second largest sector with a 21% share of awards – a decrease of 9% on 2017. Infrastructure will remain strong in 2019 and beyond due to the commencement of HS2 projects in the rail sector. Further investment in electricity distribution and generation is also forecast to continue.
Regionally, London had the highest share of contracts awarded with a 19.4% share, down slightly from 20% in 2017. The South East had the second highest share with 12.1%, which is 0.1% higher than for 2017. In third position, the North West accounted for 11.8% in 2018 which is a 0.2% decrease on 2017.