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.”
The MCRMA, the industry association dedicated to the metal cladding and roofing sector, is to hold a members’ technical conference in September.
Posted in Aluminium Products, Articles, Building Associations & Institutes, Building Industry Events, Building Industry News, Building Products & Structures, Building Systems, Cladding, Curtain Walling, Exhibitions and Conferences, Facades, Restoration & Refurbishment, Retrofit & Renovation, Roofs, Seminars, Steel and Structural Frames, WallsExperienced ventilation expert Tom Hemming has been appointed by Vortice as National Sales Manager for Electrical Wholesale and Merchants.
Posted in Air Conditioning, Articles, Building Industry News, Building Products & Structures, Building Services, Facility Management & Building Services, Heating, Ventilation and Air Conditioning - HVAC, Recruitment, Retrofit & RenovationSWA member Govette Windows has been manufacturing steel windows, doors (and more) from its factory for almost 30 years.
Posted in Articles, Building Associations & Institutes, Building Industry News, Building Products & Structures, Building Systems, Doors, Glass, Glazing, Restoration & Refurbishment, Retrofit & Renovation, Steel and Structural Frames, WindowsRoof Maker, the manufacturer of world-class rooflights, has given hard to reach spaces a lease of life following the launch of a new electric-powered rooflight.
Posted in Aluminium Products, Articles, Building Industry News, Building Products & Structures, Building Services, Building Systems, Glass, Glazing, Innovations & New Products, Lighting, Restoration & Refurbishment, Retrofit & Renovation, Roofs, Windows