The UK construction sector is growing.
According to the Office of National Statistics, the construction industry actually performed 0.9% better than previously anticipated.
As a result of this strong performance, the overall economy grew by 0.4% rather than the 0.3% the ONS previously expected.
With the industry growing, Tracker explains why now if the perfect time for businesses to look at the opportunities available in construction.
Strong industry outlook
Construction makes up 6.4% of the overall UK economy, making it a massive marketplace for any business.
In addition, an industry survey published last week showed that confidence among construction firms is currently at a nine-year high.
As a result of previous miscalculations in how it analysed UK construction data, the Office for National Statistics has changed the way it calculates price changes in the construction sector.
It has also changed its method for accounting for seasonal adjustments, including public holidays, in determining the performance of the sector as well as analysing entirely new data streams.
As a result of these changes, the stronger performance from the construction sector could mean growth last year is revised up to 2.9% from the 2.8% previously reported, according to the ONS.
High construction investment
At the General Election 2015 the Conservative Party won 331 seats in the UK General Election, a shock result not predicted by any opinion poll.
As a result, the Conservatives now have a mandate to implement the pledges made in their Election Manifesto in full, a Manifesto which put incredibly strong emphasis on infrastructure investment and increased construction opportunities.
The Manifesto pledged a total of ┬г100 billion investment in infrastructure to help boost the UK economy.
Specifically, they outlined:
- ┬г38 billion investment on trains
- ┬г15 billion on roads and cycle routes
- ┬г790 million on universal broadband and mobile
- ┬г500 million to provide zero emissions vehicles
- 90% of the UK landmass will have SMS coverage by 2017
Keep reading: What the surprise Election result means for your business
More industry opportunities
As the construction industry grows, the opportunities available for businesses of all sizes also grow.
In the last three months alone, TrackerтАЩs database of public and private sector opportunities published 1,905 contracts in construction and construction-related industries.
Even if your firm doesnтАЩt work directly in construction, you can still gain a share of this market via the supply chain through related work like supplies and services.
For example:
In a contract for the construction of a hospital, the scope of the work required could include fitting out services, the supply of hospital equipment, electrical work and much, much more.
With more tender and award notices published than anyone else in Europe, Tracker is your best way of seeing all the potential within your markets, with real-time live updates every day.
We make it easy for you to identify public and private sector opportunities and access meaningful market and industry news, while providing you with the vital competitor insight you need to keep your business one step ahead.
Try the Tracker Premier package and see the results for yourself with a free trial.
Is your business looking to identify even more private sector opportunities from the booming construction sector?
Now you can! Add Commercial Projects to your existing Tracker package with Tracker+ and get access to private sector leads and named contact details for key decision makers, influencers and bidders.
