On Center Software
MyOnCenter Portal | FREE TRIAL | CONTACT | SALES: 1-866-386-5177
OnCenter Software
OnCenter Software
SALES: 1-866-386-5177
Support: 1-866-689-5687

Construction spending remains solid on both sides of Atlantic

Posted: January 20, 2014

The construction industry in the United States recovered rather nicely after the effects of the Great Recession subsided. For builders in the United Kingdom, the recovery was not as quick, but it’s started to finally ramp into full gear in the last several months.

According to Bloomberg, the Office for National Statistics indicated that the construction sector in the U.K. grew 2.2 percent in October from the previous month. Private housing drove the increase, as residential starts spiked 5.7 percent from September, with year-to-year development increasing 19.1 percent.

Part of the reason for the robust growth is affordable borrowing rates and government programs that provide incentives to homebuyers, Bloomberg reported.

Construction activity in the U.S. has experienced similar advances in the last year, with commercial and residential sectors performing well. The positive trend is expected to continue for some time, as Fitch Ratings recently indicated that overall industry spending is predicted to increase 9.2 percent in 2014, according to Globe St.

The source stated that this would be nearly twice the growth that was projected for 2013, a sign that the construction sector is experiencing sustained, healthy activity.

You May Also Enjoy...