THE VALUE OF UK Construction contracts has increased to £5.4bn in November based on a three-month rolling average, up 9.1 per cent on October.
According to Barbour ABI, the value of construction contracts is also up 20.2 per cent on November last year.
However the number of contract awards decreased by 1.0% in November to 855 which is also 3.8% lower than for November 2018.
The residential sector was the largest in terms of contract awards in November with share of 38.1% which compares to just 28.0% share of awards in October.
The commercial & retail sector was the second largest this month with attributable share of 18.2%, benefitting from some larger-scale office developments. Accounting for 15.9% of all construction contract awards this month the infrastructure sector managed to secure third place.
The leading region for construction contract awards in November was London which accounted for 17.6% of all contract awards.
The South East was the second largest region this month with attributable share of 14.7% and was followed by the North West which accounted for 12.9% of all contract awards.
The largest value contract award for November was the £156.5 million White City Place, at Shepherds Bush in London. The project will involve the construction of three structures to provide a new office space.
Tom Hall, Chief Economist at Barbour ABI and AMA Research said, “We continue to see an upwards trend in contract awards value following on from lower levels in August and September of this year.
“With the General Election taking place this week, depending on the outcome, the outlook may shift with the differing party policies.”