Value of the Construction Industry Rockets by 67 per cent in 12 Months

London (ots/PRNewswire) -

- The value of new construction contracts awarded in December 2013 is valued
at GBP6bn, a 67.1 per cent increase on December 2012
- Infrastructure projects were accountable for 36 per cent of the total contract
value and data suggests this sector will continue to grow throughout 2014
- These figures are "a reflection of an exciting year for the construction
industry" marking a significant period of sustained growth in activity in the UK,
according to economists.

The value of construction projects in the UK has rocketed by 67.1
per cent in the last year, according to a report published today. New
project contracts awarded in December 2013 totalled GBP6 billion,
compared to GBP3.6 bn in the same month in 2012.

The infrastructure sector proved to be an area of significant
growth last month, with the total value of projects awarded reaching
GBP2.2 billion, a 10.6 per cent increase from November 2013 and a
huge 101.6 per cent year-on-year growth.

These latest figures, taken from Barbour ABI's Economic &
Construction Market Review, also highlight sustained growth in the
residential construction sector, which continues to be boosted by
initiatives such as the Government's Help to Buy scheme. The total
contract value for December in this sector grew by 88.2 per cent
year-on-year.

On the findings of the report, Michael Dall, lead economist at
Barbour ABI, commented: "Residential construction remained strong
throughout the latter half of 2013 and has truly spurred on the
growth of the industry. In the most part, the increase in residential
activity can be attributed to the Government's Help to Buy scheme,
but there are concerns that demand created by such schemes will
surpass the rate of house building. This is a topic that will be the
source of major debate over the next 12 months in the lead up to the
2015 elections.

"The performance of infrastructure as a sub-sector is also
incredibly encouraging. The figures are a reflection of an exciting
year of renewed optimism for the construction industry and, as a
major contributor to figures for the industry as a whole, the
sustained period of strong project values in this sector is good news
and a key indicator for future growth.

"The National Infrastructure Plan, as published by the Government
on December 4th 2013, updated the top 40 infrastructure projects in
the pipeline for the UK, outlining a pathway for potential growth. An
increase in new orders data recorded by Barbour ABI encourages me to
suggest that the sector does have strong growth potential this year."

As well as highlighting key sub-sector trends within the
construction industry, data in the report also identifies regional
variations in overall construction performance. Last month, Wales
took the lead as the most prominent area, accounting for 19 per cent
of the UK total. This is largely attributable to an GBP800 million
waste treatment project announced in Clwyd, providing a huge boost to
the figures. London accounted for 18 per cent of all contracts
awarded, while Yorkshire and the Humber and the South East were not
too far behind, each accounting for 13 per cent and 12 per cent of
the total respectively.

The Economic & Construction Market Review is a monthly report
designed to give valuable, current insight into UK construction
industry performance. The Review is compiled from Barbour ABI's
records of construction data for every UK planning application, and
key indicators, such as the Office for National Statistics'
Construction New Orders data.

The Economic and Construction Market Review will be published
monthly and is available to download at http://bit.ly/1eUKB9P

Notes to editors:

About Barbour ABI:

Barbour ABI is a leading provider of construction intelligence
services. With a team of in-house research specialists and a
dedicated lead economist, it provides commercially relevant insight
and unique analysis of trends and developments within the building
and construction industry.

Barbour ABI is the chosen provider of industry data and indicators
for Government bodies including the Office for National Statistics
and the UK Government's Construction and Infrastructure Pipeline,
which outlines future construction and infrastructure projects where
public funding is agreed. Barbour ABI also provides data for
independent organisations, such as the Construction Products
Association.

Barbour ABI is part of global events-led marketing services and
communications company, UBM, and is headquartered in Cheshire Oaks,
Cheshire.

For more information, please visit http://www.barbour-abi.com

About UBM: UBM helps businesses do business, bringing the world's
buyers and sellers together at events and online, as well as
producing and distributing news and specialist content. Its 5,500
staff in more than 30 countries are organised into expert teams which
serve commercial and professional communities, helping them to do
business and their markets to work effectively and efficiently.

For more information, go to http://www.ubm.com; follow us on
Twitter at @UBM_plc to get the latest UBM corporate news.

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