CONSTRUCTION output is forecast to increase twice as fast as UK economic growth as a whole next year, according to a bullish assessment of the market by a construction trade body today.
The Construction Products Association, which includes Lafarge Tarmac, Hanson and Grafton Group as its members, forecast construction output to grow by 5.3 per cent in 2015.
This is roughly double the 2.7 per cent growth forecast for the UK economy by the British Chambers of Commerce.
Overall the construction industry is expected to grow by 23 per cent by 2018, the association added.
“Our forecasts reflect a welcome, recurring theme as growth continues and begins to broaden,” Construction Products Association economics director Dr Noble Francis said.
“Short-term activity is still led by private housing, infrastructure and commercial, and areas of public sector construction are showing the first signs of increasing strength.”
Private housing starts are expected to grow by 18 per cent this year, with growth rising again to 10 per cent next year.
Road construction and the building of energy infrastructure are also forecast to surge within the next four years, expected to rise 46.1 per cent by 2018 and 118.2 per cent respectively.