London construction cools as hotspots appear nationally - Revision history

Editor at 12:38, 16 September 2024

2024-09-16T12:38:14Z

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	--[[User:Barbour_ABI\|Barbour ABI]] 11:50, 16 Sep 2024 (BST)		--[[User:Barbour_ABI\|Barbour ABI]] 11:50, 16 Sep 2024 (BST)
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Barbour ABI at 10:50, 16 September 2024

2024-09-16T10:50:51Z

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	You can download the Regional Construction Hotspots in Great Britain report [https://www.try-barbour-abi.com/construction-hotspots-report/ here].		You can download the Regional Construction Hotspots in Great Britain report [https://www.try-barbour-abi.com/construction-hotspots-report/ here].

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Barbour ABI at 10:50, 16 September 2024

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	* London saw a fall in construction contracts spending of 18.5% in 2023. The Southeast saw a fall of 17.6%.		* London saw a fall in construction contracts spending of 18.5% in 2023. The Southeast saw a fall of 17.6%.
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	{\|		{\|
−	~~\|width="50%"~~\| Region	+	\| Region
−	~~\|width="50%"~~\| Contract Awards Growth in 2023	+	\| Contract Awards Growth in 2023
	\|-		\|-
	\| Scotland		\| Scotland
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	\| -0.80%		\| -0.80%
	\|}		\|}
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		+	--[[User:Barbour ABI\|Barbour ABI]] 11:50, 16 Sep 2024 (BST)

Barbour ABI: Created page with "File:Barbour ABI - Hotspots report.jpg * London saw a fall in construction contracts spending of 18.5% in 2023. The Southeast saw a fall of 17.6%. * New hotspots appear in E..."

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Created page with "File:Barbour ABI - Hotspots report.jpg * London saw a fall in construction contracts spending of 18.5% in 2023. The Southeast saw a fall of 17.6%. * New hotspots appear in E..."

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[[File:Barbour ABI - Hotspots report.jpg]]

* London saw a fall in construction contracts spending of 18.5% in 2023. The Southeast saw a fall of 17.6%.
* New hotspots appear in East of England, Yorkshire and Scotland

Analysis conducted by Barbour ABI and the Construction Products Association (CPA) has revealed that construction spending is seeing a geographic shift as the industry recovers following the post-pandemic period and the infamous Liz Truss mini-budget.

Comparing ONS figures from 2022 with contract awards data from 2023, researchers discovered spending shifting away from traditional construction powerhouses in London and the Southeast, with new hotspots in construction activity appearing all over Great Britain.

Barbour ABI’s head of business and client analytics, Ed Griffiths said: “There are clear hotspots for upcoming construction activity over the next 6-24 months, with hotspots outnumbering coldspots, where activity has gone down, by almost three-to-one overall and six-to-one for infrastructure.

Encouragingly, regions with hotspots were spread across Great Britain and hotspots outnumbered coldspots in all regions of Great Britain.”

London and the Southeast, which have seen the highest spending on construction in the UK, saw contract awards reduce by 18.5% and 17.6% respectively – wiping out gains made in 2022. Westminster, traditionally responsible for one of London's biggest spending shares, took a 20% hit along with Berkshire (39%) and West Surrey (32%) in the Southeast.

Meanwhile, Manchester was in the top 10 largest regions in terms of the value of contracts awarded in 2023. However, this was 18% lower than a year earlier.

== New winners across the UK ==

-----
Analysts found contract awards growth of 7.9% in the East of England, with Cambridge, Suffolk and the Essex regions all registering double or triple digit increases. Yorkshire and the Humber also registered a 0.8% increase with Leeds a notable hotspot with a 23.7% increase and Lincolnshire seeing a 159.1% increase.

Perhaps the most interesting figures came in Scotland, which saw a 32% increase in contract Awards. This included the Scottish Boarders, which recorded the highest increase in the UK at 374.3% and Glasgow, which rose 30%.

“Overall contract awards remained stable at a national level, but looking at a more granular level reveals stark differences in regional performance with growth rates ranging between +374% and -95%. What we can say is that the post-pandemic boom initially focused itself on London and the Southeast is finally showing signs of trickling out to the rest of the UK.

This will come as a relief for more regionally focused businesses and a signal to contractors that it may be time to start looking outside of the big powerhouse areas for more projects to add to their pipeline.”

Overall, the report found 82 construction hotspots in the UK compared to just 31 coldspots, with 29 hotspots related to infrastructure projects.

You can download the Regional Construction Hotspots in Great Britain report [https://www.try-barbour-abi.com/construction-hotspots-report/ here].

Notes to editors

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Regional Awards growth

{|
|width="50%"| Region
|width="50%"| Contract Awards Growth in 2023
|-
| Scotland
| 32.00%
|-
| East of England
| 7.90%
|-
| Yorkshire and Humber
| 0.80%
|-
| North West
| -7.50%
|-
| North East
| -7.70%
|-
| East Midlands
| -8.30%
|-
| West Midlands
| -10.30%
|-
| South East
| -17.60%
|-
| London
| -18.50%
|-
| Wales
| -28.30%
|-
| UK Average
| -0.80%
|}