£ 2.3bn of com­mer­cial con­struc­tion projects started in York­shire

Yorkshire Post - Business - - COMMERCIAL PROPERTY -

COM­MER­CIAL CON­STRUC­TION and re­fur­bish­ment projects worth £ 2.3bn started across York­shire in the last three months of 2015.

The fig­ure was a 23.1 per cent in­crease on the same pe­riod in 2014, ac­cord­ing to JLL and Gleni­gan’s Com­mer­cial Con­struc­tion Ac­tiv­ity In­dex. Sig­nif­i­cant pro­ject starts which con­trib­uted to this level of ac­tiv­ity in­cluded the fitout of Monks Cross Shop­ping Cen­tre near York, the re­fur­bish­ment of City House in Leeds and the con­struc­tion of a ser­vices and lo­gis­tics build­ing for Siemens at Green Port Hull.

Across the UK as a whole, work be­gan on £ 24.8bn of com­mer­cial projects ( new build and re­fur­bish­ments) over the 12 months to De­cem­ber 2015, an in­crease of 4.3 per cent on the pre­vi­ous year.

This rise in the over­all con­struc­tion ac­tiv­ity mir­rored the trend recorded for con­struc­tion out­put at the end of 2015 with the UK Con­struc­tion PMI up from a seven- month low.

“Be­yond Lon­don and the South East, York­shire is see­ing sig­nifi-cant com­ing through ac­tiv­ity which is in line with our pre­dic­tions of 2016 be­ing the year in which the ma­jor re­gional cit- ies be­gin to move on to a higher growth tra­jec­tory in line with stronger eco­nomic prospects,” said Tony Stott, head of JLL’s build­ing con­sul­tancy team in Leeds.

“Con­struc­tion ac­tiv­ity will con­tinue to be in­flu­enced by re­source pres­sures, the avail­abil­ity of fi­nance as well as govern­ment pol­icy and ex­pen­di­ture.”

The ‘ core’ com­mer­cial sec­tors – of­fices, in­dus­trial, retail and ho­tels – saw to­tal UK vol­umes of £ 14.5bn in 2015 ( up 1.7 per cent year on year). There is also an ap­petite for al­ter­na­tive sec­tors, no­tably education.

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