The "United Kingdom Construction Industry Databook Series Market Size Forecast (2016 2025) by Value and Volume (Area and Units) across 40+ Market Segments in Residential, Commercial, Industrial, Institutional and Infrastructure Construction Q1 2021 Update" report has been added to ResearchAndMarkets.com's offering.
The coronavirus outbreak has taken its toll on the construction industry in the United Kingdom. With the pandemic induced lockdown, the construction sector in the country was caught off guard. Though construction sites were allowed to continue operations, running the projects proved to be a major challenge for contractors. In addition to coronavirus, the construction industry was also hit hard due to the uncertainty around no-deal Brexit.
However, with the quick re-opening of construction sites after lockdown and social distancing having a lesser impact on the overall productivity, the sector is expected to recover in the H2 2021. This along with stronger than expected demand for housing units and renovation work will also support the recovery of the construction market in the United Kingdom.
Homebuilders in the country have pushed ahead with new projects in Q4 2020. The growing demand for housing among the citizens in the United Kingdom is boosted due to the cut in stamp duty on the sale of new homes.
Despite the coronavirus outbreak, orders increased at the fastest pace for almost five years. Several big and large companies have experienced a jump in sales after the coronavirus lockdown ended. For instance, Barratt completed sales of 4,032 homes from July 1 to October 11. This is up 24% as compared to the same period in 2019. With 51% of the Barratt customers taking advantage of the help to buy scheme from the government, the outlook for the residential construction market remains strong for 2021.
While the residential market is experiencing growth with increased demand for housing, the commercial sector has struggled in recent months. Therefore, the outlook for the sector remains downbeat.
The commercial sector continues to remain uncertain. If remote working or work from home continues to become a trend in the future, then footfall in town centers and cities will decline. Therefore, leading to a lack of demand in the retail and office space. According to the Construction Product Association (CPA), the commercial sector is expected to record a fall of 18.2% in 2020. With construction activities resuming, the sector is expected to post a modest recovery of 5.6% in 2021.
Several different investment programs are coming up including the AMP7 in the water sector, RIS2 for highways, and CP6 in rail. Thus, setting up the growth for the infrastructure sector nicely for 2021.
According to this Q4 2020 Global Construction Survey, construction industry in United Kingdom is expected to grow by 13.2% to reach US$ 274175.1 million in 2021. Despite near-term challenges in certain construction sectors, medium to long term growth story in United Kingdom remains intact. The construction industry in United Kingdom is expected to grow steadily over the next four quarters. The growth momentum is expected to continue over the forecast period, recording a CAGR of 5.2% during 2021-2025. The construction output in the country is expected to reach US$ 335498.5 million by 2025.
This report provides data and trend analyses on construction industry in United Kingdom, with over 100 KPIs. This is a data-centric report and it provides trend analyses with over 140+ charts and 110+ tables. It details market size forecast, emerging trends, market opportunities, and investment risks in over 40 segments in residential, commercial, industrial, institutional, and infrastructure construction sectors.
For more information about this report visit https://www.researchandmarkets.com/r/loxe7w
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