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Increased construction contract value in February

Words: Laura Edgar
Construction / iStock-115939402

Contracts totalling £1.7 billion were awarded in the residential sector in February. This is a 13.1 per cent increase on those awarded in January.

Industry analyst Barbour ABI says residential unit numbers increased by 5.4 per cent to 9,850 units, compared with January.

The total value of construction contracts awarded in February was £5.4 billion, which is 0.5 per cent down on the value awarded in January, but represents a year-on-year increase of 10.6 per cent.

The highest-valued contract awarded in the second month of the year was the £250 million redevelopment of Chelsea Barracks, which will see Multiplex Construction Europe provide a total of 97 residential units delivered across three buildings.

The redevelopment of the former Royal London Hospital site in Tower Hamlets into a civic centre and council offices was the largest infrastructure project contract awarded. It is valued at £110 million. The largest education contract was the University of Edinburgh’s £90 million transformation and extension of the Darwin Building.

The top 10 contracts awarded by value, according to Barbour ABI’s Economic & Construction Market Review:

  1. Chelsea Barracks (phase 4), London – residential: £250 million
  2. Jordan Hill, Glasgow – residential: £150 million
  3. Royal London Hospital Site, Tower Hamlets – infrastructure: £110 million
  4. Colindale Gardens (phases 2D, 2E, 2F and 2G) – residential: £91,000
  5. Darwin Building at University of Edinburgh – education: £90 million
  6. Gloucester Quays, Monk Meadow Dock – residential: £85 million
  7. North Wharf Garden (site 2), London – hotel, leisure and sport: £82 million
  8. St Marks Lincoln, Lincoln (student accommodation) – residential: £80 million
  9. Wood Wharf development (plot D3 and D4), London – commercial and retail: £71 million
  10. Tilbury 2 Port Terminal, East of England – infrastructure: £65 million

Economic & Construction Market Review can be found here on Barbour ABI website (pdf).

Image credit | iStock