Quarterly figures were also up, with total contracts in the three-month period ending July 2019 valued at £15.3 billion – an increase of 14% on the previous quarter and 13.8% higher than for the comparable quarter ending July 2018.
Meanwhile, contracts awarded in July 2019 were worth £5.1 billion based on a three-month rolling average, which is a slight decrease of 1.8% on June. The number of contract awards in July was 1,011, which is an increase of 38.5% on June and is also 3.7% higher than July 2018.
The largest share of contract awards in July were won in the residential sector at 39.9%. Commercial and retail is the second largest with 16.0% of contract awards, followed by the industrial sector with a share of 13.6%.
London was the leading region for contract awards in June with a 32.1% value share. London was also the location of the three largest contracts. The largest contract was the Stoney Street Commercial and Office development which is part of the Borough Yards redevelopment in Southwark and is valued at £300 million. Wandsworth’s Nine Elms Plots B & D – valued at £276.4 million was the second largest contract and the third largest was also in the residential sector and was the £240 million fit-out contract for the Old War Office in Whitehall.
Commenting on the figures, Tom Hall, Chief Economist at Barbour ABI comments: “The planning pipeline continues to defy recent negative economic news. We have seen significant activity for contact awards across the UK for the past three months, with a 13.8% increase on the comparable quarter ending July 2018.
“Over the next three months, we will be rolling steadily towards the Brexit deadline which may impact figures as uncertainty once again sets in,” Tom adds.