Election uncertainty may curb future construction growth

摘要

Construction output is forecast to increase 5.5% in 2015, according to the latest forecasts from the Construction Products Association; however, growth is expected to slow in the following two years due to uncertainty over the outcome of this month's general election. Dr Noble Francis, economics director at the Association, commented: 'Construction output is forecast to increase 5.5% in 2015, which is more than double the rate of growth for the UK economy, due to growth in the three key sectors of construction: private housing, commercial and infrastructure. 'There has been a slowdown in the general housing market but house building continues to drive construction industry growth. After rising 13.3% in 2014, private house building is forecast to increase a further 10.0% to 142,000 new homes in 2015, while commercial construction, worth £22 billion each year, is forecast to rise 6.4% in 2015 due to work on major towers in London and also large offices projects in Birmingham and Manchester.