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Huge infrastructure growth expected

Cranes 2by3

The infrastructure sector will grow by more than 50% in the rest of this decade, economists have predicted.

The Construction Products Association’s respected Spring forecasts said new work in the sector would increase by 56% between 2015 and 2019.

A hike of almost 8% is expected this year, followed by an average of about 13% growth over each of the following three years as mega projects including High Speed 2, Hinkley Point C and Thames Tideway Tunnel begin in earnest.

The government recently published a major swathe of forthcoming work through the National Infrastructure Pipeline. Network Rail and Highways England both have extensive spending plans.

“Infrastructure is expected to be the main driver of construction industry growth in the mediumterm, rising 56.3% by 2019,” said the report.

Overall construction output is expected to grow by 3% this year - however that represents a downgrade from last spring’s prediction.

“This revision reflects the increasing risks to the forecast due to concerns regarding the strength of UK economic growth and the impacts of uncertainty prior to the EU referendum in June,” said the report.

“In the medium-term, the key concerns are whether a lack of skills availability will hinder growth prospects.”

 

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