The UK construction industry is a major contributor to the nation’s economy, and is forecast to reach £101.4 billion by 2023. This is according to an analysis by easyMoney, a financial services company.
The UK construction industry has been growing steadily in recent years, with the total value of construction output increasing from £90.6 billion in 2018 to £93.6 billion in 2019. This growth is expected to continue over the next four years, with the total value of construction output reaching £101.4 billion by 2023.
The easyMoney analysis suggests that the growth in the UK construction industry will be driven by a number of factors. Firstly, the UK government has recently announced a number of infrastructure projects which are expected to stimulate investment in the sector. These projects include the HS2 high-speed rail link, the Northern Powerhouse Rail, and the Crossrail 2 project.
Secondly, there is an increasing demand for new housing in the UK, which is expected to drive growth in the residential construction sector. The government has set a target of building 300,000 new homes per year by the mid-2020s, and this is likely to create a significant number of jobs in the construction sector.
Thirdly, there is an increasing demand for refurbishment and renovation projects in the UK. This is due to the fact that many people are looking to upgrade their existing homes rather than move into new ones. This is likely to create a large number of jobs in the construction sector.
Finally, there is an increasing demand for commercial construction projects in the UK. This is due to the fact that businesses are looking to expand their operations and build new offices and warehouses. This is likely to create a large number of jobs in the construction sector.
Overall, the easyMoney analysis suggests that the UK construction industry is set for strong growth over the next four years, with the total value of construction output reaching £101.4 billion by 2023. This growth is likely to be driven by a number of factors, including government infrastructure projects, an increasing demand for new housing, an increasing demand for refurbishment and renovation projects, and an increasing demand for commercial construction projects.