A recent Glenigan Construction index reports that the West Midlands has outperformed all other UK regions in October, with the value of construction project starts up by 44%, compared with October 2017.
It is thought that this upturn is being powered by increases in the value of new starts for office, industrial, education and utilities projects.
The pipeline for the region is also promising, with an increase of 9%* in the value of detailed planning approvals.
It is thought that HS2, with London to Birmingham commute times of 49 minutes, is boosting confidence in the area’s office sector.
Glenigan data shows that the value of underlying office construction starts in the West Midlands has risen more than three-fold (239%)*.
Long-term prospects are also healthy with substantial works in the pipeline. These include the new £435 million HS2 Curzon Street Station development which will become a major new transport hub and a £200 million Midland Metro extension.
Increases in employment in the region and improved transport links, could all see increases in residential construction in the years to come.
*When comparing Jan-Sept 2018 with the same period last year.
Neil Dickens, Regional Director – LSL Land & New Homes commented that:
“This area has always been strong for us, but over the last couple of months we have seen a marked increase in business opportunities coming on stream for 2019 which endorses the confidence in the region”.