Construction Products Association Forecast 10% Growth Over Next Two Years
4th August 2014
The Construction Products Association (CPA) have forecast a 10% growth in the Construction Industry over the next two years, predicting output will grow by 4.7% in 2014, higher from the earlier estimate of 3.4% and in 2015 the predicted figure is 4.8%.
Over the next five years, total construction output could rise by 22% with construction contributing nearly £11bn to the UK economy.
In 2014 Private Housing starts are expected to grow by 18%, Commerical offices by 10%, Industrial Warehouses by 20%. Overall levels of activity are likely to match their 2007 peak by 2017.
The private housing sector continues to benefit from the improving economic backdrop and government policy measures, while commerical work is also expected to pick up strongly on the back of office building in key regonial markets such as Edinburgh, Manchester and Birmingham.
Forecasts continue to be revised up as the UK economy rebalances away from consumer spending and services towards manufacturing, and greater than expected UK economic growth could stimulate even more private sector construction.