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Slower growth but contracts value rises

The latest Glenigan Index shows that although construction growth slowed toward the end of 2013, the industry is now in a far stronger position than this time last year.

For example, its figures show that the value of main contracts awarded in the final quarter of 2013 was 21 per cent higher than the same time the previous year.

Reductions were seen in the non-residential sector, however, falling by 2 per cent over three months mainly within the industrial and retail sectors, which had seen double-digit growth at the period in 2012.

The office sector continues to enjoy significant growth, recording an increase of 63 per cent, when compared to the previous year, says Glenigan.

Another buoyant sector is that of utilities, which grew by 74 per cent compared to the three months to January 2013, when starts had declined by 23 per cent.

Further growth is expected in this area to support increases within civil engineering projects, according to Glenigan.

Private housing project starts fell by 26 per cent in the final quarter of 2013, compared to the same period in 2012, but ouput is expected to remain strong.

Social housing starts increased by 25 per cent, however, after a prolonged period of reduced investment.