Infrastructure was the star performer with spending increasing by 108% on January. Contracts for two road tunnels under the Thames for the Lower Thames Crossing in Kent were agreed with a value of £1.3bn.
Better prospects are also in store for the commercial sector as the significant headwinds faced since the onset of the global pandemic begin to ease.
A 152% increase in spending included the £330m refurbishment of Citi Group’s iconic 42-storey tower at Canary Wharf finally got into contract in February, adding to the already sizeable pipeline of extensive refurbishments in the commercial sector.
Redevelopment of ITV’s former recording studio on London’s Southbank gained planning consent after a lengthy delay and Stanhope submitted revised plans for what will become the City of London’s tallest tower – 1 Undershaft – in January.
Kelly Forrest, Barbour ABI consultant economist, comments: “Generally, commercial project viability remains tight, but progress on these mega projects is nevertheless great news for the industry. Along with infrastructure, these sectors are providing an antidote to continued malaise in residential construction, which is still being weighed on by higher mortgage rates and weak consumer confidence.”
March provided a first look at planning applications in 2024. At £7.1bn in January, applications were 22% lower than a year ago with residential, Industrial and infrastructure all seeing sharp drop offs.
Kelly continues: “Notably, we are seeing clear divergence emerging between spending and new planning applications. Decision makers are eager to get existing and approved projects off the ground, but they don’t yet have the confidence to look ahead to new work.
“Viability is a big factor constraining developers’ appetite to present schemes to planners, but this should improve when financing costs start to reduce.”
To help designers and specifiers improve building fire safety, stone wool insulation manufacturer ROCKWOOL® has launched a new fire barrier product that is tested in accordance with the latest BS EN standards.
Posted in Articles, Building Industry News, Building Products & Structures, Building Regulations & Accreditations, Building Systems, Concrete, Cement, Admixtures, Drainage, Guttering, Soffits & Fascias, Health & Safety, Heating Systems, Controls and Management, Heating, Ventilation and Air Conditioning - HVAC, Innovations & New Products, Insulation, Pipes, Pipes & Fittings, Plumbing, Retrofit & Renovation, Timber Buildings and Timber Products, WallsThis article sees Jeffrey Carol, Keller’s Factory Director, answer questions about how the company’s operation functions and his unusual path to the top of his game…
Posted in Articles, Building Industry News, Building Products & Structures, Building Services, Facility Management & Building Services, Interior Design & Construction, Interiors, Kitchens, Plant, Equipment and Hire, Posts, Restoration & Refurbishment, Retrofit & Renovation, Sustainability & Energy EfficiencyCommercial enterprises of every size and type, all over the world, face a common challenge: innovating how and where they do business so they can face the future with greater environmental responsibility. ASSA ABLOY has long been recognised as an innovator in access solutions, with a range of inventive products around the door and access management which can improve buildings’ sustainability performance.
Posted in Access Control & Door Entry Systems, Architectural Ironmongery, Articles, Building Industry News, Building Products & Structures, Building Services, Case Studies, Doors, Facility Management & Building Services, Health & Safety, Innovations & New Products, Retrofit & Renovation, Security and Fire Protection, Sustainability & Energy Efficiency, Video of the WeekPaul Smith, Head of Product and Application Development at Brett Martin Daylight Systems, has been appointed Chair of The Rooflight Association’s influential Technical Committee.
Posted in Articles, Building Associations & Institutes, Building Industry News, Building Products & Structures, Building Services, Facility Management & Building Services, Lighting, Recruitment, Roofs, Windows