Strong residential construction performance in the UK in February

According to Barbour ABI’s latest construction sector report, residential construction activity in the UK grew by 20% y/y in February 2015. The value of residential contracts reached £1.6 billion, accounting for 27% of total contracts.

In terms of contract values, growth sub-sectors included apartment building projects (+53% y/y) and housing association dwellings, up £55 million on January 2015.

The number of residential units that reached the contract award stage totalled 14 455 in the second month of 2015. This is up 50% y/y and is the highest figure recorded by Barbour ABI since it began tracking such data.

“A record amount of units awarded at the contract stage this past month, in addition to significant contract value increases for primary residential categories, means that the residential sector remains buoyant as we progress in 2015,” commented Michael Dall, Lead Economist at Barbour ABI.

“As the performance of house builders such as Taylor Wimpey and Barratt Homes reached record profit levels in 2014 and private housing accounted for over 80% of residential contract values awarded in February (worth more than £1.2 billion) there is no sign of the residential sector relinquishing its sustained dominance of the construction industry any time soon.”

Adapted from press release by Louise Fordham

Read the article online at: https://www.worldcement.com/europe-cis/26032015/barbour-abi-uk-residential-construction-growth-uk-february-2015-589/