THE VALUE of construction contracts awarded in October 2019 increased to £4.9 billion according to research by Barbour API.
Based on a three-month rolling average, contract totals increased by 4.1% from September, and 28.5% from October last year.
Although contract awards numbers have increased in October, they remain volatile with evidence of a downward trend for overall contract awards since January 2019.
However in the three-month period ending October 2019, the total value of contract awards was £14.5 billion, which is 14.0% lower than the previous three-month and 14.4% lower than for the same period in 2018.
Slowdown in Residential
Residential work accounted for 28% of all contract awards, followed by the industrial sector with a 22% share.
The largest value contract award for October 2019 was the Fawley Refinery Upgrades in Southampton, valued at £800 million.
Tom Hall, Chief Economist at Barbour ABI and AMA Research said, “The residential sector has experienced slightly slower activity throughout 2019, there has been a small pick up in London, but data shows that there is a cooling off in activity throughout the rest of the UK.
“The most recent help to buy data shows reduced volumes which would also support this view.”