Construction industry set to have four-year boom in activity
Leading economists predict that the construction industry is set to experience a period of growth over the next four years.
According to constructionenquirer.com, the forecast from the Construction Products Association (CPA) predicts the industry will see growth of 19 per cent by 2017. Previous forecasts weren’t so positive, but the boom in the housing market during the summer has prompted economists to revise their estimations.
Private housing is experiencing a rapid rise
In fact private housing projects are expected to lead the growth, with a predicted rise of 19 per cent this year and 15 per cent next year, reports cityam.com.
Noble Francis, economics director of the CPA, said Help to Buy has helped drive private housebuilding activity.
“Construction is set to enjoy growth over the next four years as it recovers from its worst recession in over 35 years,” he said. “This is mainly due to private housing, which is experiencing a rapid rise, and infrastructure, which is seeing a more gradual return to positive territory.”
Forecast from the Construction Products Association
In addition, rail infrastructure work is set to see work rise by 34 per cent over the next four years and energy infrastructure should see a 99 per cent rise.
However public education and health related building work should expect a fall of 11 per cent this year and 2.4 per cent next year.
Author: Laura Varley Date Written: 22 October 2013