Residential sector looking positive with upturn in contracts

The residential sector had a particularly positive March with £1.8 billion contracts awarded, an increase of 8.3% on February.

Residential unit numbers also increased – up by 2.1% on February at 10,066 units.Of the total contracts awarded in March, residential accounted for 31.6%. Following residential was the commercial & retail sector with a 16.1% share and then hotel, leisure & sport with a 13.6% share.

The latest edition of the Economic & Construction Market Review from industry analysts Barbour ABI highlights levels of construction contract values awarded across Great Britain.

This month it shows that the total value of construction contracts awarded in March 2019, was £5.3 billion which is a 1.2% decrease on February but is 0.6% higher than March 2018.

The top project awarded in March was the £120 million industrial contract, Symmetry Park Project at Morton Park Way in Darlington. This project will see ISG Retail provide a new distribution facility with project completion due in July 2019.

The largest residential contract was the £100 million Ten Broadway development at the New Scotland Yard in London, which will see Multiplex Construction Europe Limited deliver a total of 246 luxury apartments in a 20-storey building.