Latest forecast from Experian show output for all construction work to hit 拢142bn in 2017
Construction output is set to grow by 3.6% next year and 4.3% in 2017, according to the latest construction forecasts by Experian.
In its autumn update, Experian forecast that total output for all work in the construction industry was expected to hit 拢142bn in 2017, up from 拢131bn in 2015.
The growth forecast for 2015 has been shaved down however to 3.5% from 3.9% in the summer, which Experian put down to a 鈥渓ess buoyant first half of the year than expected鈥�, mainly due to uncertainties from the general election.
Private commercial construction is expected to show the fastest growth next year with a 7% growth forecast for 2016, while infrastructure鈥檚 rapid growth of 25% in 2015 is expected to fall to 5% in 2016.
However, infrastructure output for 2017 is forecast to grow by 14%, as schemes in the pipeline such as Hinkley Point C and Thames Tideway Tunnel mitigate for projects like Crossrail and Thameslink which will be winding down.
Private housing output is forecast to grow by 6% this year and 5% next year; however public housing is again expected to perform poorly, falling by 8% in 2015 and 10% in 2016.
Commenting on the forecasts, head of construction futures at Experian, James Hastings, said: 鈥淲e鈥檝e shaved down this year鈥檚 growth to 3.5% from 3.9% on the back of a less buoyant first half of the year than expected 鈥� election uncertainties are thought to be the cause of this. Our forecasts for 2016 & 2017 are pretty much the same as in the summer.鈥�
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