UK: Project starts in Q2 2023 were down 10 per cent on Q1, and 33 per cent lower than the same period a year ago, according to the latest edition of the Glenigan Construction Review.
The figures were echoed throughout the construction pipeline, with main contracts awards also falling 24 per cent against the preceding three months to finish 33 per cent behind the year before.
A couple of bright spots in the report showed that while detailed planning approvals fell 26 per cent against the preceding three months, the value increased by 37 per cent against the previous year, and planning approvals on projects worth more than £100 million were up 167 per cent on 2022 levels.
In the residential sector, private housing accounted for 54 per cent of the total value of work starting on site during the three months to July, with the value totalling £4,921 million. Private housing starts fell 30 per cent against the previous year. Private apartment work starting on site fell 35 per cent against last year to total £1,948 million. The segment accounted for 21 per cent of project starts during the period.
Social sector housing decreased 23 per cent to total £818 million, a nine per cent share of all housing starts, while social sector apartments (£1,001 million) accounted for 11 per cent of the sector and was 44 per cent up on a year ago. The PBSA sector also grew. At £270 million, the value of project starts in this segment increased 39 per cent.
