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There is some good news for the construction sector as the industry forecasts significant growth in the next two years.
New infrastructure projects are pushing the growth with 2017 estimated to close with a 7.4% increase.
2018 is also set to grow a further 6.4% and this is positive news for those working in the industry. Back in February, ACER released an update stating that construction jobs in the North West were set to increase, and this is still the case.
Construction projects driving growth
So what are the reasons for this growth and what are the major projects driving growth? Infrastructure projects to improve flood defences across the country are creating optimism. £4.4bn has been pledged by the government to help protect low-lying areas and those that are in danger of flooding.
Throughout the UK, harbours are being invested in. Aberdeen Harbour expansion commenced last month, the £350m scheme will be completed in 2020 but it's not the only one. Dover is investing £135m in its harbour and a new bridge costing £10m is beginning the port of Heysham in Lancashire.
Housing projects
Throughout the UK housing projects are driving forward growth in the construction sector. The target of 250,000 new homes has been set and construction companies are ploughing ahead with the build of affordable homes.
Tied to this are improvements to water treatment, which is a long-standing program started in 2015 and continuing through to 2020. Upon completion, £44bn will have been spent on the improvement and implementation of water treatment works.
This is just a snapshot of the construction projects in the UK that are driving growth. Other schemes include improved roadworks, investment into energy infrastructure and continued growth in the student accommodation sector.
The headline figures for the industry are:
• Construction output to grow by 1.6% in 2017 and 0.7% in 2018
• Private housing starts to rise by 3.0% in 2017 and 2.0% in 2018
• Infrastructure construction to grow by 7.4% in 2017 and 6.4% in 2018.
To find out more about working in the construction trade, or to find a new role in the UK, contact ACER today on 0151 665 0013 or visit its jobs page.
