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PRO INSTALLER MAY 2015
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Layar Ad [Pro Installer] - HLF.pdf 1 14/05/2015 16:25:22
Introducing...
Interactive Print
Election
Uncertainty
Hinders
Construction
Prospects
Construction output is forecast to increase 5.5%
in 2015 according to the latest forecasts from
the Construction Products Association; however,
growth is expected to slow in the following two
years due to the impacts of election uncertainty.
Key highlights from the forecasts
include:
• Private house building forecast to rise
10.0% in 2015, 5.0% in 2016 and 3.0% in
2017
• Commercial construction expected to
increase 6.4% in 2015, 5.2% in 2016 and
4.4% in 2017
• Infrastructure activity forecast to rise
7.6% in 2015, 9.2% in 2016 and 10.6% in
2017
Dr Noble Francis, Economics Director, commented: “Construction output is
forecast to increase 5.5% in 2015, which is
more than double the rate of growth for the
UK economy.
“There has been a slowdown in the
general housing market but house building
continues to drive construction industry
growth. After rising 13.3% in 2014, private
house building is forecast to increase a further 10.0% to 142,000 new homes in 2015.
Commercial construction, worth £22 billion
each year, is forecast to rise 6.4% in 2015.
“Over the following two years, however,
construction output is forecast to be adversely affected by the UK’s most uncertain
election in more than 40 years. The lag
between construction contracts and work
Steve Sidebottom - Director, Clearview Group Limited
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on the ground means that construction activity in 2015 probably won’t be impacted,
since the majority of work for the year has
already been planned. Instead, we expect a
break in private and public investment this
year for future projects, which in turn will
lead to slower construction growth of 4.0%
in 2016 and 3.4% in 2017.”
Dr Francis continued: “Although fewer
homes are being built than we need each
year, private house building growth is forecast to slow to 5.0% in 2016 and 3.0% in
2017. Again, this is primarily due to uncertainty regarding government policy such as
Help to Buy, which has otherwise stimulated house building in the last two years.
“Similarly, increases in commercial activity
are likely to be constrained by a hiatus in
business investment this year due to the
election, with growth in the sector expected
to slow to 5.2% in 2016 and 4.4% in 2017.
“One area expected to be largely unaffected by the election is infrastructure activity,
which is anticipated to increase throughout
the forecast period to 2018. Strong growth
of 7.6% this year, 9.2% in 2016 and 10.6%
in 2017.
www.constructionproducts.org.uk
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