UK construction firms saw a sharp rise in turnover last year, according to figures released today by BNP Paribas Leasing Solutions.
Total turnover of the construction sector jumped six per cent year-on-year to £218bn in 2014. It is now 20.7 per cent above the low reached in the 2009-10 recession of £180bn.
The surge in turnover has come from the housebuilding, commercial property development, and infrastructure sectors. To cope with extra demand, firms had to increase their finance raised through leasing by 19 per cent last year to £1.68bn to expand without depleting their cash cushion.
“UK construction firms are seeing high levels of demand, and need to to access the machinery they need to complete projects efficiently. Leasing is helping them to deliver new homes, new commercial buildings and infrastructure, and ultimately create new jobs,” said Tristan Watkins from BNP Paribas Leasing Solutions.