Easymoney: UK construction to grow by 3.9pc this year
The UK construction sector is set to grow by 3.9 per cent this year, according to a new analysis from peer-to-peer lending platform Easymoney.
Last year, the UK construction sector was valued at £97.6bn, making it “by far the largest in Europe,” Easymoney said. The sector has now rebounded from the pandemic and will return to growth this year, with a predicted value of £101.4bn by the end of 2023.
The analysis also found that residential construction accounts for the vast majority of the market, with an 80.8 per cent share.
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“It’s not just the residential sales market that has enjoyed a period of boom during the pandemic,” said Jason Ferrando, chief executive of Easymoney.
“And while the complications posed to the construction sector by Covid have taken longer to overcome, it rebounded at quite an alarming rate in 2022.
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“This positive growth looks set to continue in 2023, driven largely by residential activity, which bodes very well for the wider health of the UK property market and echoes the growing market sentiment seen across the board since the set back of last September’s shambolic mini budget.”
Ferrando added that the UK construction market is likely to return to its pre-pandemic peak of £108.6bn in 2024
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