Growth forecast throughout the construction sector
The Construction Products Association’s Forecast anticipates that growth in , infrastructure work private house building and commercial activity are set to drive recovery in the industry over the next four years which is good news for all of us involved in the construction industry.
The Construction Products Association’s Forecast indicates that construction output is expected to rise by 3.4% this year and by a further 5.2% in 2015, continuing through 2017.
Dr Noble Francis, Economics Director of the Association, said that : “The construction industry is in a very different place to just one year earlier, when output fell to a level 15.4% below its pre-recession peak. Since 2013 Q1, activity has picked up considerably. Initially this was due to a rapid expansion in house building but more recently growth in new infrastructure and a recovery in London commercial activity have supplemented further rises in private housing.”
“Housing starts in Great Britain during 2013 are estimated to have increased 24.0% and further growth rates of 16.0% in 2014 and 10.0% in 2015 are forecast,” continued Dr Francis, who also noted; “After 2015, without Help to Buy to support housing market demand, there are strong concerns about whether house building will continue to improve despite the clear need for new housing. As a consequence, the Association’s forecasts anticipate the growth in private housing starts slowing in 2016.”
All of the signs are now in place for a long and sustained period of growth in the industry.