In April 2021, contract awards increased 58% to £ 9.1 billion compared to March. This level of activity was last observed in January 2020.
The latest edition of the Economic & Construction Market Review from industry analyst Barbour ABI highlights the level of construction contract values awarded across the UK.
Sector analysis shows that residential contracting rose again to £ 2.5bn in April, up from £ 2.0bn in March. A strong performance for infrastructure with total contracts valued at £ 2.1bn, the first monthly value of over £ 2.0bn since January 2020. And the industrial sector saw the second highest in April at £ 1.2bn monthly value since recording once again through storage.
Commenting on the numbers, Tom Hall, Chief Economist at Barbour ABI and AMA Research, said, “Building on the improvements in the planning environment we reported in March, April was a record month for the classification of information: General
£ 9.1 billion. This is the highest value since January last year. All sectors with the exception of the healthcare sector recorded significant increases every month, well above their long-term averages, especially the infrastructure and commercial sectors.
A year into the Covid-19 pandemic, we have finally seen value that is beginning to reclaim some of the lost ground. However, a decline in planning approvals in April to previous levels in the second half of 2020 could show that the uncertainty plaguing the sector has not been fully resolved. We need a sustainable increase over a longer period of time in order to fill the weak construction pipeline. “
Download the full report here: https://www.barbour-abi.com/zones/2103032-Snap-Analysis-May-Output-File-v2.pdf