Market Research Report
Construction in the United Kingdom (UK) - Key Trends and Opportunities to 2024
|Published by||GlobalData||Product code||967519|
|Published||Content info||47 Pages
Delivery time: 1-2 business days
|Construction in the United Kingdom (UK) - Key Trends and Opportunities to 2024|
|Published: December 8, 2020||Content info: 47 Pages||
Prior to the Coronavirus (COVID-19) outbreak, the UK construction industry had posted growth of 1.8% for 2019 in real terms. However, with disruptions caused by the COVID-19 outbreak and the subsequent lockdown measures, the industry was severely impacted in 2020. According to the Office for National Statistics (ONS), the UK construction industry contracted by 12.5% year on year (YoY) in the third quarter of 2020 (the latest data available at the time of writing), following Y-o-Y declines of 38.2% in Q2 and 4.0% in Q1 2020.
Reflecting the disruptions caused by the pandemic, coupled with the weak outlook for economic growth, GlobalData forecasts the construction industry to contract by 15.1% in 2020, and although the industry will grow by 6.8% in 2021, it will struggle over the forecast period to return to pre-COVID-19 output levels in real terms. The construction industry is likely to be constrained by the wider economic impact of the COVID-19 pandemic, and by a potentially less favorable trading environment once the UK leaves the EU.
Despite the challenges, over the remaining part of the forecast period, the industry's output will be supported by investments in infrastructure, residential and renewable energy projects. Key plans include Highways England's Road Investment Strategy 2 (RIS2), which started operating from April 2020, and will run until March 2025 with a total budget of GBP27.4 billion (US$32.7 billion), and the GBP25 billion (US$29.9 billion) investment program of Ofgem, the country's energy regulator, to transform Britain's gas and electricity transmission network over the next five years.
This report provides detailed market analysis, information, and insights into the UK construction industry, including -
This report provides a comprehensive analysis of the construction industry in the UK. It provides -