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Construction - UK - April 2016

 “Construction activity continues to perform above wider UK GDP. However, growth rates are now slowing like the wider economy after a burst of activity that ‘kick started’ the recovery period. The market has also been constrained by uncertainties caused by the general election last year, the EU referendum this year, and continued concern over international growth levels that tend to subdue capital investment decisions in the UK. Growth levels now have marked regional and sector differences.”

– Terry Leggett, Senior Analyst

This report looks at the following areas:

  • Is the EU referendum affecting the market?
  • How important is government policy?
  • UK economic growth is predicted to fall over the next few years. How will this impact the market?
  • We are told interest rates will rise, what impact will that have?

The definitions used in this report on the construction sector are from the ONS. The civil engineering sector has been excluded, but a detailed report on this sector is available separately from MBD (The UK Civil Engineering Market Development). A number of sectors are defined within the construction sector, comprising both publicly and privately financed projects.

Public work is for any public authority, such as government departments, public utilities, nationalised industries, universities, the Post Office, new town corporations, and housing associations.

Private work is for a private owner, organisation or developer, and includes work carried out by firms on their own initiative. It includes work where the private sector carries the majority of the risk/gain. For example, in principle, all PFI contracts are private.

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Table of contents

  1. Executive Summary

      • The market
        • Figure 1: Development of the construction market in Great Britain, 2011-15 actual and 2016-20 forecast
        • Figure 2: Segmentation of the new construction market in Great Britain, 2015
        • Figure 3: Segmentation of the R&M activity in Great Britain, 2015
      • Market factors
        • Figure 4: Development of the public housing construction market in Great Britain, 2011-15 actual and 2016-20 forecast
        • Figure 5: Development of the private housing construction market in Great Britain, 2011-15 actual and 2016-20 forecast
        • Figure 6: Development of the public non-residential construction market in Great Britain, 2011-15 actual and 2016-20 forecast
        • Figure 7: Development of the private industrial construction market in Great Britain, 2011-15 actual and 2016-20 forecast
        • Figure 8: Development of the private commercial construction market in Great Britain, 2011-15 actual and 2016-20 forecast
        • Figure 9: Development of the R&M construction market in Great Britain, 2011-15 actual and 2016-20 forecast
      • Companies
        • Figure 10: Development of the construction industry, by number of companies, 2010-14
      • What we think
      • Key Issues

          • Is the EU referendum affecting the market?
            • How important is government policy?
              • UK economic growth is predicted to fall over the next few years. How will this impact the market?
                • We are told interest rates will rise, what impact will that have?
                • Introduction

                  • Definitions
                    • Methodology
                      • Abbreviations
                        • Market positioning
                          • Market factors and issues in the market
                            • Figure 11: UK economic output, by sector, 2012-15
                            • Figure 12: Residential property transactions in the UK, 2011-15
                        • UK Economy

                          • Overview
                            • Figure 13: UK GDP quarterly development, 2003-15
                            • Figure 14: UK GDP in economic downturns and recoveries since 1979
                          • Inflation
                            • Interest rates
                              • House prices
                                • Consumer spending
                                  • Manufacturing
                                    • Figure 15: UK output by industry, 2008-15
                                  • Business investment
                                    • Figure 16: UK GFCF 2003-15
                                  • Imports
                                    • Exports
                                    • Market Size and Trends

                                      • Key analysis
                                        • Market size
                                          • Figure 17: Construction output in Great Britain, 2011-15
                                        • Market segmentation and trends
                                            • Figure 18: Construction output in Great Britain, by Type, 201115
                                          • Housing
                                            • Figure 19: Housing completions in the UK, 1970-2015
                                          • Public housing
                                            • Figure 20: Analysis of new public housing construction output in Great Britain, 2011-15
                                            • Figure 21: Public housing starts and completions in England, 2011-15
                                            • Figure 22: Trends in the gross supply of affordable housing in England, by tenure 2010-15
                                          • Private housing
                                            • Figure 23: Analysis of private housing construction output in Great Britain, 2011-15
                                            • Figure 24: Private new housing starts and completions in England, 2011-15
                                          • Public non-residential
                                            • Figure 25: Long term trend in public non-residential construction activity in Great Britain, 1970-2015
                                            • Figure 26: Analysis of public sector non-residential construction output in Great Britain, 2011-15
                                            • Figure 27: Analysis of public sector non-residential construction in Great Britain, by type, 2011-15
                                          • Health
                                              • Figure 28: NHS Trust capital spending, by type 2015
                                            • Education
                                              • Key analysis
                                                • “Other” sector
                                                  • Private industrial
                                                    • Figure 29: Long term trend in private industrial construction output in Great Britain, 19702015
                                                    • Figure 30: Analysis of private industrial new construction work in Great Britain, by sector 2011-15
                                                  • Private commercial
                                                    • Figure 31: Long term trend in private commercial construction output in Great Britain, 19702015
                                                    • Figure 32: Analysis of private commercial construction in Great Britain, by type, 201115
                                                  • Repair & Maintenance
                                                    • Figure 33: Segmentation of the R&M activity in Great Britain, 2015
                                                  • Public housing
                                                      • Figure 34: Analysis of Decent Homes backlog programme allocations, 2012-15
                                                      • Figure 35: Analysis of repair & maintenance output in the public housing sector in Great Britain, 201115
                                                    • Private housing
                                                        • Figure 36: Analysis of repair & maintenance output in the private housing sector in Great Britain, 201115
                                                      • Public non-residential
                                                        • Figure 37: Analysis of repair & maintenance output in the public non-residential sector in Great Britain, 201115
                                                      • Private non-residential
                                                        • Figure 38: Analysis of repair & maintenance output in the private nonresidential sector in Great Britain, 201115
                                                      • Seasonality of sales
                                                        • Figure 39: Seasonality of public housing output, 2011-15
                                                        • Figure 40: Seasonality of private housing output, 2011-15
                                                        • Figure 41: Seasonality of public non-residential construction output, 2011-15
                                                        • Figure 42: Seasonality of private industrial construction output, 201115
                                                        • Figure 43: Seasonality of private commercial construction output, 201115
                                                        • Figure 44: Seasonality of public housing repair & maintenance output, 2011-15
                                                        • Figure 45: Seasonality of private housing repair & maintenance output, 2011-15
                                                        • Figure 46: Seasonality of public non-residential repair & maintenance output, 2011-15
                                                        • Figure 47: Seasonality of private non-residential repair & maintenance output, 201115
                                                      • Regional Sales
                                                        • Figure 48: Regional value of total new construction output, 2011-15
                                                        • Figure 49: Regional public housing construction output, 2011-15
                                                        • Figure 50: Regional private housing construction output, 2011-15
                                                        • Figure 51: Regional public non-residential construction output, 2011-15
                                                        • Figure 52: Regional private industrial construction output, 2011-15
                                                        • Figure 53: Regional private commercial construction output, 2011-15
                                                        • Figure 54: Regional housing repair & maintenance output, 2011-15
                                                        • Figure 55: Regional public non-residential repair & maintenance output, 2011-15
                                                        • Figure 56: Regional private non-residential repair & maintenance output, 2011-15
                                                    • Industry Structure

                                                      • Key analysis
                                                        • Industry development
                                                          • Figure 57: Development of the construction industry, by number of companies, 2010-14
                                                          • Figure 58: Development of main trades and specialist contractors, by number of companies, 2010-14
                                                          • Figure 59: Analysis of the employment structure of the construction main trades, 2014
                                                          • Figure 60: Proportional importance of companies with up to 4 employees, by sector, 2015
                                                          • Figure 61: Proportional importance of companies with up between 5 and 9 employees, by sector, 2015
                                                          • Figure 62: Proportional importance of companies with between 10 and 19 employees, by sector, 2015
                                                          • Figure 63: Proportional importance of companies with between 20 and 99 employees, by sector, 2015
                                                          • Figure 64: Proportional importance of companies with 100 or more employees, by sector, 2015
                                                      • Company Profiles

                                                        • Balfour Beatty

                                                              • Figure 65: Financial analysis of Balfour Beatty, 2011-15
                                                              • Figure 66: Investment portfolio of Balfour Beatty by segment, 2013-14
                                                            • Company strategy
                                                            • Barratt Developments

                                                                • Figure 67: Financial analysis of Barratt Developments, 2011-15
                                                                • Figure 68: Types of houses built by Barratt Developments, 2015
                                                                • Figure 69: Location of houses built by Barratt Developments, 2015
                                                              • Company strategy
                                                              • Lend Lease Construction (EMEA)

                                                                    • Figure 70: Financial analysis of Lend Lease Construction (EMEA), 2011-15
                                                                  • Company strategy
                                                                  • Carillion

                                                                        • Figure 71: Financial analysis of Carillion, 2010-14
                                                                        • Figure 72: Geographic turnover of Carillion, 2014
                                                                        • Figure 73: Activity turnover of Carillion, 2014
                                                                      • Company strategy
                                                                          • Figure 74: Financial analysis of Carillion Construction, 2010-14
                                                                        • Company strategy
                                                                        • Costain

                                                                              • Figure 75: Financial analysis of Costain Group, 2011-15
                                                                            • Company strategy
                                                                            • Galliford Try

                                                                                • PPP investments
                                                                                  • Figure 76: Financial analysis of Galliford Try, 2011-15
                                                                                  • Figure 77: Turnover segmentation of Galliford Try, 2015
                                                                                • Company strategy
                                                                                • Interserve

                                                                                      • Figure 78: Financial analysis of Interserve, 2011-2015
                                                                                      • Figure 79: Turnover segmentation of Interserve, 2015
                                                                                    • Company strategy
                                                                                    • Kier Group

                                                                                          • Figure 80: Financial analysis of Kier Group, 201115
                                                                                        • Company strategy
                                                                                        • Persimmon

                                                                                            • Figure 81: Financial analysis of Persimmon, 2011-15
                                                                                            • Figure 82: Turnover analysis of Persimmon, 2015
                                                                                          • Company strategy
                                                                                          • SKANSKA

                                                                                                • Figure 83: Financial analysis of Skanska UK, 201115
                                                                                              • Company strategy
                                                                                                  • Figure 84: Financial analysis of Taylor Wimpey, 2011-15
                                                                                                • Company strategy
                                                                                                • Market Forecast

                                                                                                  • Key analysis
                                                                                                    • Market Overview
                                                                                                      • Figure 85: Forecast construction output in Great Britain, 2016-20
                                                                                                      • Figure 86: Forecast construction output in Great Britain, 2016-20
                                                                                                    • Housing
                                                                                                      • Figure 87: Forecast private housing output in Great Britain, 201620
                                                                                                      • Figure 88: Forecast public housing output in Great Britain, 2016-20
                                                                                                    • Public Non-residential
                                                                                                      • Figure 89: Forecast public non-residential construction output in Great Britain, 2016-20
                                                                                                      • Figure 90: Forecast of public non-residential construction in Great Britain, by type, 2016-20
                                                                                                    • Private Industrial
                                                                                                      • Figure 91: Forecast private industrial construction output in Great Britain, 2016-12
                                                                                                      • Figure 92: Forecast of private industrial new construction work in Great Britain, by sector 2016-20
                                                                                                    • Private Commercial
                                                                                                      • Figure 93: Forecast private commercial construction output in Great Britain, 2016-20
                                                                                                      • Figure 94: Forecast of private commercial construction in Great Britain, by sector, 201620
                                                                                                    • Repair & Maintenance
                                                                                                      • Figure 95: Forecast repair & maintenance construction output in Great Britain, 2016-20
                                                                                                      • Figure 96: Forecast repair & maintenance construction output in Great Britain, by type, 201620
                                                                                                    • Public housing
                                                                                                      • Figure 97: Forecast repair & maintenance output in the public housing sector in Great Britain, 201620
                                                                                                    • Private housing
                                                                                                      • Figure 98: Forecast repair & maintenance output in the private housing sector in Great Britain, 201620
                                                                                                    • Private non-residential
                                                                                                      • Figure 99: Forecast repair & maintenance output in the private non-residential sector in Great Britain, 201620
                                                                                                    • Public non-residential
                                                                                                      • Figure 100: Forecast repair & maintenance output in the public nonresidential sector in Great Britain, 201620
                                                                                                    • Infrastructure
                                                                                                      • Figure 101: Forecast repair & maintenance output in the infrastructure sector in Great Britain, 201620
                                                                                                  • FURTHER SOURCES & CONTACTS

                                                                                                    • Trade associations
                                                                                                      • Trade Magazines
                                                                                                        • Trade Exhibitions

                                                                                                        Companies Covered

                                                                                                        To learn more about the companies covered in this report please contact us.

                                                                                                        Construction - UK - April 2016

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