Today, Glenigan, one of the construction industry’s leading insight and intelligence experts, releases the October 2022 edition of its Construction Review.
This Review focuses on the three months to the end of September 2022, covering all major (>£100m) and underlying (<£100m) projects, with all underlying figures seasonally adjusted. It’s a report which provides a detailed and comprehensive analysis of year-on-year construction data. The central finding of the October Review reflects recent, previous iterations, with high materials and energy costs, economic and political chaos and ratcheting building regulations keeping the market depressed for the foreseeable future. However, whilst project starts dipped once more (-9% against the preceding three months), a modest rise in main contract awards (+3%) and detailed planning approvals (+3%) hint that recovery, although not immediate, is on the horizon. Glimmers of Hope The slight growth in the project pipeline can largely be attributed to a jump in major project contract awards, which were up 27% against the preceding three months, 59% higher than a year ago. Equally, major project planning approvals were up an impressive 58% by the end of Q.3, to stand a staggering 158% up on 2021 figures. However, underlying performance was comparatively week, tempering results, dipping 8% compared the previous three months in contract award terms, 6% down on last year. Despite planning approvals increasing 8% over the past quarter, they remained 10% lower than a year ago. Once again, major projects saw a respectable rise in work starting on site, climbing by a third in comparison to the preceding three months, however this figure remained 14% lower than the same period in 2021. Underlying project-start performance was dismal, posting a 27% decline against the preceding three months, 23% down on last year.[osd_social_media_sharing]
