UK Export Finance (UKEF), the UK Government’s export credit agency, has published an overview of how the Government is supporting UK exports through the organisation’s operations. The article particularly highlights exports in the construction sector – one of the UK’s most lucrative markets, which will play a key role in shaping the economy in the months and years after Brexit.
The overview is an essential read for organisations looking to grow their business in construction procurement. Whether you are already a Tracker Intelligence customer, or are yet to become one, rich market research and analysis of construction trends is at the core of what Tracker does.
Construction highlights from the overview
The global construction industry is going from strength to strength. The sector contributes more than £8.49 trillion per annum to the world economy, a figure that is forecast to rise to £10.1 trillion by 2022. In the UK, the construction industry generates 2.4 million jobs and contributes more than £113 billion per annum. This equates to roughly 7% of all GDP – a huge figure in comparison to other sectors.
The high-quality work that the UK construction industry produces has long been world-renowned, a position reflected in the prediction that the UK will overtake Germany as the world’s sixth largest construction market by 2030. For organisations looking to grow business in the construction sector, the future is looking increasingly positive, despite political uncertainty.
The UK Government, through UKEF, has shown a strong commitment to driving UK construction business. In the last financial year alone, UKEF provided more than £570 million of support to exporters in the construction industry, a hearty push to help the sector achieve its full potential. The Government has an ambition to further raise exports as a proportion of GDP from 30% to 35%, and support from UKEF is at the heart of this. With this additional investment comes greater opportunities for tenders across all areas of infrastructure and construction. Opportunities in private sector construction are particularly widespread, which is great news for increasing volumes of construction tenders, or better yet – increasing the chances of small or medium-sized organisations winning them.
Overall, UKEF currently supports £17 billion worth of UK exports across multiple sectors, helping to reinforce the UK’s position as a major player in the global market. The agency will continue to fund and support UK businesses, making domestic products and services more accessible to buyers all over the world. This is much the same goal as Tracker’s Commercial Projects tool – granting access to contract information for over 400,000 construction projects from the early planning stage on, as well as 10,000 non-planning projects a year. This includes specific and up-to-date contact details for the key decision makers involved within 24 hours of a contract being published.
A commitment to the growth of the UK construction sector
Tracker Intelligence’s goal remains to enable businesses of all sizes to grow through the provision of quality business intelligence and market analysis. Commercial Projects works to make construction tenders, among opportunities in other sectors, more accessible through early engagement strategies, increasing tender success rates and collaborative tendering. It is a powerful tool which saves organisations time, resource and money.
See how Tracker Intelligence can help your organisation earn your share of the market.