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Construction output is estimated to return to pre-recession levels in 2017
The Construction Products Association has released its summer forecasts which predict construction output will increase over the next 5 years to more than 22 percent growing by 10% in the next two years and contributing almost £11bn to the UK’s economy.
Private housing is predicted to be the strongest performing sector, growing at an expected rate of 18 percent in 2014 and 10 percent in 2015, with output associated with commercial offices projected to grow 10 percent in 2014 and 8 percent in 2015.
Whilst some regions of the UK have already seen their construction output return to pre-recession levels, the Economics Director of the Construction Products Association Noble Francis predicted that the construction industry for the UK as a whole will reach their 2007 levels in 2017, saying: “In the short term, the activity will primarily be led by private housing, infrastructure and commercial.
“Notably, in the long term, we expect this activity will be boosted by work on schools and hospitals.”