Latest refresh of government鈥檚 construction pipeline shows value of work has jumped by 13% to 拢116bn
The value of work in the government鈥檚 construction pipeline has jumped by 13% to 拢116bn after the pipeline was refreshed this month.
The Cabinet Office鈥檚 latest update to the construction pipeline, unveiled at the , showed that the value of work had risen by 拢13bn to 拢116bn, up from 拢103bn from the previous version, which was published in December.
covers work for each year from 2014 through to 2020, and then work beyond 2020.
The greatest value of work in the two years to 2016 is in transport, with a 拢14.2bn pipeline; followed by education, with 拢9.2bn; then housing and regeneration with 拢3.8bn.
The construction pipeline is compiled by construction analyst Barbour ABI, which is owned by UBM, the publisher of 好色先生TV, and is hosted on 好色先生TV鈥檚 website.
Barbour ABI economist Michael Dall said: 鈥淭hese latest figures represent a huge boost to the UK construction industry.
鈥淗opefully the Government pipeline will help to increase optimism across the industry, which was strongest towards the end of 2013 when output rose at its fastest rate for more than six years.
鈥淧lans of new projects and significant spend in the infrastructure sector should help to dispel concerns that the industry is becoming too reliant on the housing sector.鈥�
Meanwhile, the value of government contracts awarded that are using project bank accounts has risen to 拢5.2bn, well ahead of the government鈥檚 target of 拢4bn by 2014, Cabinet Office minister Francis Maude has said.
A project bank account (PBA) is a ring-fenced bank account from which payments are made directly and simultaneously to a lead contractor and members of the supply chain. The aim is to enable faster payments, so those lower down the supply chain benefit from that cash-flow.
Unveiling the latest update on progress on implementing PBAs at the Government Construction Summit last week, Cabinet Office minister Francis Maude said the use of PBAs would help SMEs, which were the 鈥渓ifeblood of our economy鈥�.
He said: 鈥淲e鈥檝e beaten our target on PBAs but we will keep pushing ahead to ensure suppliers of all sizes are treated fairly.鈥�
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