£ 2.3bn of commercial construction projects started in Yorkshire
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.