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Q1 2016 - London hits highest level of commercial construction since 2008
Commercial construction for the 12 months to the end of March fell to £23.0 billion, a fall of 7.2% on the previous quarter. March data indicates a slight reduction in the total volume of new build projects which fell marginally by 4.3% to £14.1billion. Refurbishment activity also fell to £8.9 billion (-11.5%), its lowest level since 2006. While total construction starts fell marginally this quarter, construction data on the whole remains volatile. Construction activity is broadly in line with the trend over the last five years, although the pace of growth is beginning to moderate. This could be partly due to wider economic and political uncertainty but to some extent growth will also be moderated by skills and resources shortages.
The full report highlights: • How much construction activity has picked up over the past quarter • The increases and decreases across the UK • The movement across different sectors including industrial, offices, retail, hotels, education, medical and community • Construction volumes by new build or refurbishment • A construction costs and procurement update
JLL are pleased to partner with Glenigan to write and publish this paper.
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22 April 2016