Construction contracts reach £5.9billion for October
Despite the sharp fall reported following the Brexit vote, October saw a surge in growth for the residential construction industry, with major players announcing impressive increases in sales. Persimmon, for example, revealed a 19% rise in sales for last month, mirrored by successes from others such as Taylor Wimpey.
The rise in residential construction contract values by 34% last month compared with September could be due to the constant strain on housing stock and government targets.
“What did surprise was the significantly large value of residential construction contract this month, reaching £2.3 billion, the highest monthly figure ever recorded for residential construction since Barbour ABI reporting began back in October 2010” explained Michael Dall, lead Economist at Barbour ABI.
Overall, construction contracts in October reached £5.9 billion, an increase of 5% on September’s figures. Dall suggests the growth will allow for much needed breathing space for industry leaders, investors and the government.
This level of growth suggests new opportunities for supply chains, with government initiatives supporting access to frameworks for SMEs. Securing opportunities will remain competitive; as such, a robust bid strategy could help stand bidders ahead of their competitors.
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