Contract awards climb by 11% in February

Grant Prior 1 month ago
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Contract awards in February increased by 11% compared to January to £4.7bn.

This remains below average levels, but underlying activity has increased as no single project was valued over £200 million.

Similarly to January, distribution centres make up two of the top four contract awards.

The latest edition of the Economic & Construction Market Review from industry analysts Barbour ABI, highlights levels  of construction contract values awarded across Great Britain.

Sector analysis shows that residential strengthened in February to £1.9 billion with strong activity in the West  Midlands. Infrastructure also picked up, rising £78% to £900 million following a disappointing January.

The largest  infrastructure projects are the National Grid LNG terminal expansion in Kent and the M25 Junction 28 improvements  in Essex.

The industrial sector, led by warehousing, continued as the hottest sector, with two of the top four projects being  distribution centres: a distribution hub in Wakefield worth £186 million and a Lidl distribution centre in Bedfordshire  with a value of £100 million.

Commenting on the figures, Tom Hall, Chief Economist at Barbour ABI and AMA Research said: “There was not a huge  amount to see in February as planning activity was maintained; no pre-budget optimism to be seen.

“Contract awards  strengthened slightly while planning applications and approvals weakened. Approvals particularly are looking fragile.  Elsewhere the significant activity in warehousing and distribution continued, and infrastructure contract awards  returned to previous levels after a weak January.”

Download the full report here.

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