The UK construction industry started 2017 in style as new building contracts awarded in January reached a total of £6 billion.
Housing figures rose rapidly during the last month, with the latest figures from Barbour ABI showing that construction contract value reached £2.7 billion, showing a huge 83 per cent rise in comparison to a year earlier.
Private housing was the most successful type of housebuilding project in January, representing 91 per cent of the total construction contract value and illustrating a substantial rise from the 66 per cent recorded in the same month of 2016.
At the moment, there are £5.8 billion worth of housebuilding contracts approaching award status, indicating that growth is set to continue across the next few months and into the future.
What’s more, the industry appeared to end last year on a high. Crest Nicholson recorded a 27 per cent increase in full profits last year, demonstrating the positive market conditions for housebuilders in 2016.
Across the UK, London led all regions in terms of total construction contract value during January, representing 26 per cent.