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New economic forecasts are predicting large growth for Construction output this year. The Construction Products Association (CPA) this morning said it expected to rise by 12.9% this year and 5.2% next.
A record 29.3% growth is expected for infrastructure projects largely due to the ongoing HS2 railway work in addition to a big jobs in the power, water, roads and broadband sectors.
Housebuilding output is set to grow by 14% according to the CPA after the fall in 2020 due to the Pandemic spring lockdown.
There was caution however, while the body forecast that private housing output will return to pre-covid levels by 2022, output overall, including affordable housebuilding, is forecast to remain below 2019 levels until 2023.
The CPA’s economic director Noble Francis said: “The recovery in commercial – the third-largest construction sector – is expected to be muted given a lack of major investment in new projects, particularly in central London.
“Questions remain over future demand of commercial space, particularly in offices and retail, which may be converted into residential or warehousing and logistics, if homeworking and online spending persists in the long-term.”