The overall contract value for the construction industry in February reached £6.4 billion, a 15.4% increase on the same month last year.
Spearheaded by strong performances from the housing and hotel, leisure & sport sectors, overall contract value for the construction industry in February reached £6.4 billion based on a three month rolling average, a 15.4 per cent increase on the same month last year.
According to the latest edition of the Economic & Construction Market Review from industry analysts Barbour ABI, contracts for housing projects reached £2.7 billion in February, the same figure as January 2017, which are the best performing months for residential building since the economic downturn.
Coinciding with the strong housing figures, the hotel, leisure & sport sector construction contracts reached £736 million on the month, a substantial 105.3% increase compared to February 2016.
Looking across the other sectors within construction; Infrastructure accounted for £1.48 billion worth of construction contracts on the month, a 20.8% increase on January. Commercial & retail projects also increased month on month by 17.5% – the highest since September 2016, although values in the sector remain lower than previously when viewed over the longer term. However it was the industrial sector that accounted for the most disappointing figures in February, with a 35% year-on-year decrease and its lowest monthly total since October 2014.
Commenting on the figures, Michael Dall, Lead Economist at Barbour ABI, said: “After recent slumps in the infrastructure and commercial & retail sectors, it was encouraging to see both bounce back and produce encouraging figures in February, alleviating some of the pressure away from housebuilding.”
For more information on the latest figures click here.