A recent report from Barbour ABI confirmed that construction output increased in 2014, with London leading the way with £28 billion worth of projects, totalling almost a quarter (23 per cent) of the UK’s total revenue.
Contracts awarded to London-based firms also rose by 10 per cent year-on-year.
In terms of 2015, some of the major construction projects due to begin in the capital include the £600 million Battersea Power Station commercial property development and the £420 million 10 Fenchurch Street office and retail project.
Michael Dall, lead economist, Barbour ABI, believes this year will be the strongest for construction with residential, commercial and retail all contributing to revenue.
“Moving into 2015, the outlook for overall construction sector growth is encouraging,” said Dall.
“Residential will likely maintain its dominance as the major sector in construction, with a significant amount of activity likely in London.
“Projects such as the £200 million Leamouth Peninsula North and the £350 million redevelopment of the BBC Television Centre into a residential community will ensure residential in London continues to grow.
“Commercial and retail are also likely to increase output in London and overall forecasted growth for the next four years suggests 2015 will be the strongest for construction.”
At Sunsquare we are proud to have a number of valued clients across London and the South East, including Green County Developments for whom we have supplied and installed our BSI-accredited skylights in many prestigious construction projects in the capital and surrounding areas.
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