Construction output expected to grow
Construction output is poised for a welcome surge over the next few years—a 3.4 per cent increase in 2014 and a further 5.2 per cent in 2015, according to estimates from the Construction Products Association (CPA). The CPA predicts growth into 2017, with a 4.4 per cent boost in 2016 and 3.8 per cent in 2017.
However, post-2015 figures are subject to ‘considerable uncertainties’ about the sustainability of recovery in the construction industry and wider economy. Any positive numbers look good after the 7.9 per cent dip in construction output in 2012 and the modest but welcome 1 per cent growth in 2013.
The recent rapid expansion in house building, growth in new infrastructure and a recovery in London commercial activity are all credited with helping to resuscitate the industry.