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Construction in the North West is ten times higher than national average

Recently published figures show that overall construction output in the North West is up 15% – 10 times the national average.

According to the Office of National Statistics, total construction output across the region is up to more than £4.6 billion in the 3 months to August 2018 compared to the same period last year.

Overall construction output in Great Britain for this period is up 1.5% compared to the same period last year meaning the North West’s increase is 10 times the national average.

The value of construction work on new housing in the North West has increased by £386 million this quarter compared to the same quarter in 2017 and output of new infrastructure projects has also risen during this period.

Northern Powerhouse Minister, Jake Berry MP, said “It’s wonderful to see how the Northern Powerhouse is driving investment in the North West and helping grow the construction industry to the tune of over £600 million.

“Anyone visiting the North West can see the huge number of construction projects underway and these figures show just how valuable they are.

“This construction boom is helping build new homes, new infrastructure and a stronger economy in the region.”

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The North West led all regions for new-build activity

The North West residential sector saw a significant boost in the number of new build properties commissioned in Q3 this year, leading all regions with 5,275 units.

According to the latest Market Insight report from construction data experts Barbour ABI, £621 million pounds worth of property development was commissioned in Q3, with £608 million from the private sector. This is a significant figure that will likely provide a boost in confidence across the industry and region, as investors are giving the go-ahead to a significant amount of residential projects.

Greater Manchester had the leading amount of residential investment in Q3 within the North West, with major projects commissioned including two city centre £40 million projects, the New Union Street and Axis Tower developments, constructing 302 & 172 apartments respectively.

Six of the top ten largest residential projects commissioned in the region in Q3 were private developments for flats, which has been a major area of residential growth within the region.

Commenting on the figures, Michael Dall, Lead Economist at Barbour ABI, said “With a lack of housing across the North West heavily publicised, it’s welcoming news that the region leads the UK for new build units in Q3.”

“With the mismatch between housing supply and demand, property prices have continued to rise at a significant pace in the region. Home movers, investors and housebuilders will welcome the news, as major residential investment has been poured into the North West in the last quarter, which will hopefully help to alleviate the housing shortage.”

“If there’s one concern coming from these latest figures it is from a social housing perspective. Only ten of the 87 projects came from the public sector in Q3, however it’s likely that affordable housing will be provided within many of the up-coming private residential developments.”

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