At present 25% of all UK construction projects currently on-site are suspended, with a total market value of £55 billion, which is a staggering 34% of the total value of all work under-construction.
Glenigan's latest industry analysis shows that whilst this is having a severe and immediate impact on the industry, a firm construction development pipeline demonstrates that longer term opportunities remain.
Indeed, as COVID-19 started to shut sites down in March 2020, there was a significant increase in the volume of planning approvals versus any of the previous 12 months with Health, Community & Amenity, Education, and Social Housing sectors offering the greatest opportunities for the future.
And, it’s especially good news for firms operating outside southern England and the Midlands, with the North East, North West, and most notably Wales seeing the highest growth in planning approvals of all the UK regions.
Therefore, although firms are struggling to overcome herculean issues now, those that can spare some focus on the future will see that there is opportunity, and indeed, hope.
