London accounted for a third of the total value of UK construction contracts in August, according to Barbour ABI’s latest Economic & Construction Market Review.
The figures show that the value of construction contracts in London totalled more than £1.6 billion in August, accounting for 30% of the overall contracts awarded UK-wide.
The report also shows that the Capital accounted for more than half (54%) of the total value of commercial & retail construction contracts awarded, as well as nearly a third (29%) of residential and 27.2% of education.
Michael Dall, lead economist at Barbour ABI, said: “London’s dominance across these key sectors is mainly due to big-ticket projects such as the £420 million commercial scheme at Fenchurch Street, The City North Development in Finsbury Park worth £130 million and a contract for the Imperial West site as part of Imperial College valued at £100 million.
“UK-wide, construction contracts totalled more than £5.3 billion in August, a 16.6 per cent increase on the value recorded in August 2013, an indication that this year has seen a comparatively stronger summer for the construction industry.”