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.”
A package of products from Alumasc Water Management Solutions (AWMS) has been used for the external refurbishment of the roofline at Weston General Hospital in Weston-Super-Mare.
Posted in Aluminium Products, Articles, Building Industry News, Building Products & Structures, Building Services, Building Systems, Case Studies, Cladding, Drainage Services, Drainage, Guttering, Soffits & Fascias, Fascias, Restoration & Refurbishment, Retrofit & Renovation, Roofs, WallsHush Acoustics has invested in the safety and sustainability of its commercial vehicle fleet by achieving Gold status in the Fleet Operator Recognition Scheme (FORS).
Posted in Acoustics, Noise & Vibration Control, Articles, Building Industry News, Building Products & Structures, Building Regulations & Accreditations, Building Services, Ceilings, Facility Management & Building Services, Floors, Health & Safety, Insulation, Restoration & Refurbishment, Retrofit & Renovation, Site Preparation, Sustainability & Energy Efficiency, Walls, Waste Management & RecyclingAs Safeguard gets ready to deliver another informative session of one of its most popular webinars, the company outlines some of the most common reasons for rain penetration through brickwork.
Posted in Articles, Bricks & Blocks, Building Industry Events, Building Industry News, Building Products & Structures, Building Services, Continuing Professional Development (CPD's), Damp & Waterproofing, Facility Management & Building Services, Information Technology, Posts, Render, Restoration & Refurbishment, Retrofit & Renovation, Seminars, Training, WallsThe Joint Competency Initiative (JCI), in which the Automatic Door Suppliers Association (ADSA) is involved, is finalising its first framework for installers within the door, gates and shutter industry.
Posted in Access Control & Door Entry Systems, Architectural Ironmongery, Articles, Building Associations & Institutes, Building Industry Events, Building Industry News, Building Products & Structures, Building Regulations & Accreditations, Building Services, Continuing Professional Development (CPD's), Doors, Facility Management & Building Services, Health & Safety, Innovations & New Products, Publications, Research & Materials Testing, Restoration & Refurbishment, Retrofit & Renovation, Security and Fire Protection, Site Preparation