Housebuilding rose 83 per cent year-on-year as the construction industry started 2017 on a high with overall project awards increasing by 50 per cent when compared to December 2016, the latest statistics reveal.
Private housing dominated with 91 per cent of the total £2.7 billion housing construction contract value in the first month of year – a rise of 25 per cent when compared with the same month in 2016.
London led all regions for construction contract value in January with 26 per cent after scooping the month’s largest project – the £900 million One Nine Elms Twin Towers development.
It wasn’t such good news for the commercial and retail sector, which saw a year-on-year decrease of 40 per cent, while infrastructure also slumped to a 12-month low.
“Whilst the housebuilding sector is performing admirably, we expect to see its growth continue to flourish across 2017.”
He added: “The number of projects awarded in January jumped by 50 per cent compared with December and 25 per cent when looking at January last year.
“These figures are encouraging and would suggest that work is most certainly on the way.”