Figures released on Monday by Glenigan, the construction intelligence providers, forecast a 7.4% increase in project starts during 2014, as rising private sector investment and improved consumer confidence underpin further industry growth.
According to the 2014 Mid-Year Construction Review and Forecast put together by Glenigan’s economics team, there is an indication that construction activity upturn is gathering momentum with growth estimated to be only 4% at the beginning of 2014 we are now seeing that the latest figures show a 7.4% increase.
A 10% rise in the value of projects was recorded by Glenigan starting on site during the first half of 2014, primarily driven by increases in private housing, industrial and commercial building projects.
Work volumes will continue to pick up across these sectors through the latter half of the year, with private housing set to rise by 14% and 28% growth predicted for industrial projects. The value of underlying office project starts is forecast to rise by 9%, building on the strong recovery seen over the last two years.
Commenting on the construction outlook, Allan Wilén, Economics Director at Glenigan, said:
“The industry’s forward pipeline points to sustained output growth during the second half of the year and into 2015. Renewed consumer confidence and the accompanying revival in the general housing market have emerged as key growth drivers for both construction activity and the wider economy.” Continue reading