The infrastructure new build market will grow by more than 50% over the next five years, according to respected forecasts published today.
The Construction Products Association’s closely-watched summer forecasts predicted a strong and steady increase in the value of new civils work to 2018.
It said there would be 9.2% growth in new infrastrucutre work in 2014; followed by 7.2% next year; 7.8% in 2016; 7.7% in 2017; and 11.7% in 2018.
The mammoth Crossrail and Thameslink projects are due to hit peak over the next couple of years, while Network Rail has a programme of other work. Highways Agency capital spend is expected to rise from its austerity-era lows.
Infrastructure is expected to be a major driver of overall construction output, which is set to return to 2007 levels by 2017.
CPA economics director Noble Francis said: “The forecasts reflect the increasing strength of the [construction] sector, though risks remain.
“In the short-term, the activity will primarily be led by private housing, infrastructure and commercial [work]. Notably, in the long-term, we expect this activity will be boosted by work on schools and hospitals.”