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Construction Industry Market Review 2003
Key Note Publications Ltd, March 2003
The UK construction industry is made up of construction services and construction products manufacturing. In total, the construction industry accounts for almost 9% of the UK's gross domestic product (GDP) at market prices during 2001. We estimate that the output of the construction industry alone was £81.9bn in 2002. Not only is the construction industry a major contributor to the UK economy, it is also a major employer and plays a critical role in the social and environmental development of the UK. Over recent years, the UK construction industry has experienced high levels of growth. Between 2001 and 2002, the output of the industry is estimated to have increased by 9.7%.
This review analyses the UK construction industry in terms of construction services and construction products, namely building materials. In addition to an overview of the entire construction industry, the review also provides detailed analyses of the industry's key sectors: housebuilding, infrastructure, industrial construction, commercial construction and building materials. The UK's construction industry has been enjoying a period of strong growth, with the infrastructure and the commercial construction sectors at the forefront of this growth trend.
A number of external factors have affected the development of the construction market. Some of these key influences include the increasing uptake of e-commerce solutions by construction companies, the ongoing political influence on the industry at both central and local government levels, new environmental legislation, the shortage of skilled construction workers and the worrying deterioration in the sector's health and safety record. Recent political and legal changes have perhaps been most significant. The Government has been encouraging a partnership approach between all of the main stakeholders that are involved in or affected by the work of the construction industry, in a drive to improve quality standards and innovation within the industry. A number of environmental laws have been introduced that have had a major impact on the construction industry. These have not only promoted greater environmental efficiency in terms of recycling, but have also encouraged product innovation in construction materials and advanced industry sustainability.
In addition to these key influences, the development of the housebuilding sector is currently being shaped by two key factors. The first of these is a restriction on the availability of new land suitable for residential building, and the second is a demographic shift towards people living on their own. The infrastructure sector is heavily influenced by government investment in the UK's transport infrastructure, while growth in industrial construction is being constricted as a result of the current economic downturn and the ongoing pressures on the UK's manufacturing sector. The commercial construction sector is also feeling the effects of the current global slowdown, but at the same time, it is benefiting from public-sector and Private Finance Initiative (PFI) investment in new schools and hospitals. Demand in the building materials sector is directly linked to the market conditions in the UK construction services sector. The building materials sector has been enjoying growth as a result of the buoyant market for UK construction services, but demand for products that are prefabricated or hi-tech in terms of environmental efficiency has been increasing more rapidly than demand for traditional building materials.
The prospects for the UK construction industry are likely to be very favourable over the next few years. Growth in infrastructure and commercial construction is set to continue as the Government fulfils its election pledges to improve the transport, education and health sectors. The chronic under-supply of housing in the UK is likely to sustain demand for the housebuilding sector, even if structural problems relating to the supply of land and labour curtail demand.
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