By Legal Futures’ Associate Search Acumen [1]
Today’s construction figures show the value of construction new work in Great Britain continued to rise in 2018, reaching its highest level on record at £113,127 million; this was driven by growth in public sector work of £2,697 million and to a lesser extent growth in the private sector of £750 million.
Moreover, the number of construction firms operating in the construction industry has continued to rise – reaching its highest level on record – with 325,736 registered firms operating in Great Britain in 2018, increasing by 11,146 (3.5%) compared with the previous year.
Construction new orders fell by 13.2% in 2018, the first annual decline in growth seen since 2011; this represented a decline of £9,335 million.
However, in comparison with the wider European Union (EU) [2], the UK construction industry continues to see the strongest performance in the EU, but growth was slower in 2018 in comparison with recent years.
Andy Sommerville, Director at Search Acumen, comments:
“The UK construction industry has stayed the course in the face of political headwinds and an absence of certainty at the helm.
“The latest ONS construction figures are a testament to how the UK property market continues to be an attractive investment destination.
“It is crucial that we to look forward if the UK is to maintain its competitive standing, ensure that our infrastructure is at the cutting edge and that our ever-growing population’s housing needs are met.
“This is where technology will enable the market to flourish – by shaving off inefficiencies and allowing us to do more with less. Innovations in fields such as geospatial data can give us powerful insights into where to build and how to mitigate against any environmental or social risks.
“It is these tools which will enable the industry to truly break new ground.”