Private sector leading growth in the construction industry

Construction Industry Growth Chart

Trade Skills 4 U, Britain's premier electrical training company have published an interesting article on the expected growth forecast within the electrical industry through 2014.

This year looks set to be the strongest year for construction growth since 2009, with renewed optimism that things are picking up post recession. Businesses are now putting planned expansion into action with small retail premises, hotels and leisure units and offices leading the way in the planned growth at 7%, 13% and 8% respectively.

The Winners

Retail has seen the biggest surprise growth for this year after suffering a dip of 24% during 2013. The driver of this growth is smaller retail unit refurbishments rather than large out of town developments.

The majority of the growth is centred around large projects in London and the Midlands in particular offices and the creation of shopping 'experiences' designed to centre shopping around a day out rather than a routine activity. The growth is expected to move away from the capital towards the end of the year with the focus moving to other major towns and cities throughout the UK. Early forecasts indicate that 2015 growth will be centred around these developments as sites are sought to build upon.

The loser

The only loser this year is social housing, with projects being 23% down on a year ago. Current activity still remains 48% higher than in 2007, but is not expected to last due to continued public sector cuts.

Prognosis

Overall growth figures are now well on the up with many more projects now coming to fruition rather than dying out in the planning stages. Now the construction industry is picking up, many believe the worst is now over and we can look forward to renewed growth and vibrancy within our industry.

You can read the original article on the Trade Skills 4 U website here: http://www.tradeskills4u.co.uk/posts/2014-private-sector-growth