Markit released figures in early September indicating that the Purchasing Manager’s Index (PMI) has risen to 57.3. This is an increase of 0.2 from July’s figures. Although this is not as significant as the boom of 2014, when the industry saw returns of over 60 for much of the year, these figures represent a stable growth that has not been seen for over a decade.
Much of this sustained growth has been led by the rise in residential construction across the UK, which has considerable support from government initiatives. Despite this, however, recent government figures indicate that over the last year the number of housing project starts has fallen by 1%, with a fall of 6% over the last 3 months to 136 320. This means that there is still a long way to go to reach the targeted 200 000 homes per year, which was targeted by David Cameron in the run up to the general election.
Increasingly it appears that the best way to approach the issue is at a local level, with Glasgow City Council looking to lead the way. They have recently announced their comprehensive housing strategy People Make Glasgow Home, which will deliver 25 000 homes by 2025.
As part of the strategy a selection of creative measures have been put in place to release and repurpose areas within the city, including converting empty shops into houses and opening up 20 new sites for development within the first year. This is in order to counter the problem of finding physical space within the city, an issue that must be balanced against the lack of available housing.
The People Make Glasgow Home scheme will be complemented by the Sustainable Glasgow programme, which, according to Duncan Booker, Sustainable Glasgow Manager, “aims to support nothing less than a green re-industrialisation of the city - so that it can make the transition from being one of the industrial powerhouses of the global Industrial Revolution to becoming a smart, sustainable, low carbon city that once again leads the world.”
Adapted from press release by Rebecca Bowden
Read the article online at: https://www.worldcement.com/europe-cis/11092015/glasgow-to-construct-25000-homes-by-2025-525/