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Description

Description

“For many construction sectors the impact of COVID-19 is likely to be temporary, if severe, but the areas of office and retail construction are likely to have major long-term negative impacts from more permanent changes to lifestyles. Warehouse construction on the other hand is likely to have a long-term boost, while further sectors such as entertainment-based construction face uncertainty waiting to see how people react when social distancing restrictions are lifted.”
– Terry Leggett, Senior Analyst – 30 April 2020

This report looks at the following areas:

  • How, and why, sectors like office and retail construction will have long-term changes imposed by COVID-19 beyond the short term negative effects of social distancing.
  • Whether the changes in use of buildings following COVID-19 will offer opportunities to address the housing shortage.
  • What sectors will have a long term growth in demand as a result of the long-term changes in society following COVID-19.
  • How the refurbishment & maintenance markets will react to COVID-19.

What's included

What's included

Table of contents

Table of contents

  1. Overview

    • What you need to know
      • Key issues covered in this Report
        • Sectors covered in this Report
        • Executive Summary

            • The market
              • Sector growth impacted first by Brexit, now by COVID-19
                • Figure 1: Forecast construction market compared with expectations prior to COVID-19, 2019-24
              • Temporary impact on housing, but Government targets are challenging
                • Figure 2: Forecast new housing construction market compared with expectations prior to COVID-19, 2019-24
              • Commercial construction strongly disrupted by COVID-19
                • Figure 3: Forecast new commercial construction market compared with expectations prior to COVID-19, 2019-24
              • COVID-19 has mixed impact on industrial construction
                • Figure 4: Forecast new industrial construction market compared with expectations prior to COVID-19, 2019-24
              • Public non-residential construction subject to change in government attitude
                • Figure 5: Forecast new public non-residential construction market compared with expectations prior to COVID-19, 2019-24
              • Short term impact of COVID-19 on R&M
                • The impact of COVID-19 on construction
                  • Figure 6: Expected impact of COVID-19 on construction short, medium and long-term, 29 April 2020
                • Companies and brands
                  • An unusual industry structure
                    • Figure 7: Number of companies active in construction, 2014-18
                    • Figure 8: Composition of the main trades sector, 2018 (number of companies)
                  • The importance of sole traders and micro companies
                    • Figure 9: Employment profile of the construction industry, by size of company, 2018 (000s employed)
                  • What we think
                  • The Impact of COVID-19 on Construction

                    • Short, medium and long-term impact on the industry
                      • Figure 10: Expected impact of COVID-19 on construction short, medium and long-term, 29 April 2020
                    • Opportunities and threats
                      • Impact on the construction market
                          • Figure 11: Forecast construction market compared with expectations prior to COVID-19, 2019-24
                        • How a COVID-19 recession will reshape the construction industry
                          • COVID-19: UK context
                          • Issues and Insights

                            • How will post-COVID-19 demand for construction change?
                              • The facts
                                • The implications – offices
                                  • The implications – retail
                                    • The implications – entertainment
                                      • The implications – warehousing
                                        • The implications – public spending
                                          • The implications – housing
                                            • The implications – R&M
                                            • The Market – What You Need to Know

                                              • Construction has a volatile reputation
                                                • COVID-19 will have very sector-specific long-term impact
                                                  • Public spending change in attitude
                                                  • Market Size

                                                    • Doubling of growth in 2019
                                                      • Figure 12: The construction market, 2015-19
                                                      • Figure 13: Comparison of new construction and R&M output, 2015-19
                                                  • Market Segmentation

                                                    • Sector-specific development
                                                      • Figure 14: Segmentation of new construction activity, 2019 (£ billion)
                                                      • Figure 15: Segmentation of R&M activity, 2019 (£ billion)
                                                  • Segmentation: Housing

                                                    • Private sector growth continued to slow in 2019
                                                      • Figure 16: Segmentation of new housing construction output, 2015-19
                                                      • Figure 17: Housing completions, by sector, 1946-2019
                                                    • Years of fragmented policies
                                                      • Unusual supply profile
                                                        • Figure 18: Housing output segmented by size of company and target market, 2019
                                                    • Segmentation: Commercial

                                                      • A sector susceptible to recessions
                                                        • Figure 19: Long-term trend in private commercial construction, 1970-2019
                                                      • Output slipped in 2018 with some recovery in 2019
                                                        • Figure 20: Commercial construction output, 2015-19
                                                      • Sector trends varying
                                                        • Figure 21: Segmentation of commercial construction output, 2015-19 (£ million)
                                                      • Micro and medium-sized companies have a strong role
                                                        • Figure 22: Commercial construction output segmented by size of company, 2019
                                                    • Segmentation: Industrial

                                                      • Strong growth again
                                                        • Figure 23: Long-term trend in private industrial construction, 1970-2019
                                                      • Brexit induced growth?
                                                        • Figure 24: Industrial construction output, 2015-19
                                                      • Warehousing boosted by Brexit
                                                        • Figure 25: Segmentation of industrial construction output, 2015-19
                                                      • The SME opportunity
                                                        • Figure 26: Industrial construction output segmented by size of company, 2019
                                                    • Segmentation: Public Non-residential

                                                      • Spending restraint
                                                        • Figure 27: Long-term trend in public non-residential construction, 1970-2019
                                                      • Government policy changing
                                                        • Figure 28: Public non-residential construction output, 2015-19
                                                      • Growing education and health spending
                                                        • Figure 29: Segmentation of public non-residential construction output, 2015-19 (£ million)
                                                      • Enterprises lead the market
                                                        • Figure 30: Public non-residential construction output segmented by size of company, 2019
                                                    • Segmentation: R&M

                                                      • Overall activity
                                                        • Figure 31: R&M output, 2015-19
                                                      • Private housing R&M
                                                        • Market plateauing
                                                          • Figure 32: Private housing R&M output, 2015-19
                                                        • The micro-company mainstay
                                                          • Figure 33: Private housing R&M output segmented by size of company, 2019
                                                        • Public housing R&M
                                                          • Government policy restricts market
                                                            • Figure 34: Public housing R&M output, 2015-19
                                                          • Enterprises command largest market share
                                                            • Figure 35: Public housing R&M output segmented by size of company, 2019
                                                          • Non-residential private R&M
                                                            • Reduced growth in 2019
                                                              • Figure 36: Private non-residential R&M output, 2015-19
                                                            • Micro-companies take pole position
                                                              • Figure 37: Private non-residential R&M output segmented by size of company, 2019
                                                            • Non-residential public R&M
                                                              • 2019 market growth
                                                                • Figure 38: Public non-residential R&M output, 2015-19
                                                              • All industry sectors involved
                                                                • Figure 39: Public non-residential R&M output segmented by size of company, 2019
                                                            • Market Forecast

                                                              • COVID-19 to strongly reduce activity in 2020
                                                                • Figure 40: Forecast construction market compared with expectations prior to COVID-19, 2020-24
                                                              • Housing – Government targets are challenging
                                                                  • Figure 41: Forecast new housing construction market compared with expectations prior to COVID-19, 2020-24
                                                                • Commercial construction has long-term impact from COVID-19
                                                                  • Figure 42: Forecast new commercial construction market compared with expectations prior to COVID-19, 2020-24
                                                                • Mixed fortunes for industrial construction, post COVID-19
                                                                  • Figure 43: Forecast new industrial construction market compared with expectations prior to COVID-19, 2020-24
                                                                • Public non-residential construction to grow after COVID-19 impact
                                                                  • Figure 44: Forecast new public non-residential construction market compared with expectations prior to COVID-19, 2019-24
                                                                • Short term impact of COVID-19 on R&M
                                                                    • Figure 45: Forecast R&M construction market compared with expectations prior to COVID-19, 2020-24
                                                                • The Impact of the Economy

                                                                  • UK GDP flat in Q4
                                                                    • Figure 46: UK GDP growth rate, 2012-19
                                                                  • COVID-19 could cause record fall in economy
                                                                    • Figure 47: Range of forecasts of the COVID-19 impact on the economy, 2020
                                                                  • Business investment and confidence suffering before COVID-19
                                                                    • Figure 48: UK business investment, £ million, Q1 2015-Q4 2019
                                                                    • Figure 49: UK ICT investment, £ million, Q1 2015-Q4 2019
                                                                    • Figure 50: ICAEW UK National Business ConfidenceTM index, Q1 2014-Q1 2020
                                                                • Market Trends

                                                                  • The environment
                                                                    • New methods, materials and off-site locations
                                                                      • Robotics
                                                                        • Use of SMEs
                                                                          • Digitalisation
                                                                          • Market Drivers

                                                                            • Economic uncertainty, Brexit then COVID-19
                                                                              • Government policies
                                                                                • Skills shortages
                                                                                • Companies and Brands – What You Need to Know

                                                                                  • A very unusual industry structure
                                                                                    • Huge disparity in profitability
                                                                                      • Industry reacts to expectations
                                                                                        • The skills issue
                                                                                        • Industry Structure

                                                                                          • Growth in numbers
                                                                                            • Figure 51: Number of companies active in construction, 2014-18
                                                                                          • The industry composition
                                                                                            • Figure 52: Composition of the main trades sector, 2018 (number of companies)
                                                                                            • Figure 53: Composition of Individual trades, 2018 (number of companies)
                                                                                          • The importance of sole traders and micro companies
                                                                                            • Figure 54: Employment profile of the construction industry, by size of company, 2018 (000s employed)
                                                                                        • Competitive Strategies

                                                                                          • Many issues to tackle
                                                                                          • Company Profiles

                                                                                            • Balfour Beatty
                                                                                              • Activity
                                                                                                • Performance
                                                                                                  • Figure 55: Financial performance of Balfour Beatty, 2015-19 (£ million)
                                                                                                • Strategy
                                                                                                  • Barratt Developments
                                                                                                    • Activity
                                                                                                      • Performance
                                                                                                        • Figure 56: Financial performance of Barratt Developments, 2015-19 (£ million)
                                                                                                        • Figure 57: House completions by Barratt Developments, by region, 2018-19
                                                                                                        • Figure 58: House completions by Barratt Developments, by unit type, 2018-19
                                                                                                        • Figure 59: House completions by Barratt Developments, by deal type, 2018-19
                                                                                                      • Strategy
                                                                                                        • Interserve Group
                                                                                                          • Activity
                                                                                                            • Performance
                                                                                                              • Figure 60: Financial performance of Interserve Group, 2014-18 (£ million)
                                                                                                            • Strategy
                                                                                                              • Kier Group
                                                                                                                • Activity
                                                                                                                  • Performance
                                                                                                                    • Figure 61: Financial performance of Kier Group, 2015-19 (£ million)
                                                                                                                  • Strategy
                                                                                                                    • Persimmon
                                                                                                                      • Activity
                                                                                                                        • Performance
                                                                                                                          • Figure 62: Financial performance of Persimmon, 2015-19 (£ million)
                                                                                                                        • Strategy
                                                                                                                          • Taylor Wimpey
                                                                                                                            • Activity
                                                                                                                              • Performance
                                                                                                                                • Figure 63: Financial performance of Taylor Wimpey, 2015-19 (£ million)
                                                                                                                              • Strategy
                                                                                                                              • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                                                                  • Abbreviations
                                                                                                                                    • Methodology

                                                                                                                                    About the report

                                                                                                                                    This report will give you a complete 360-degree view of your market. Not only is it rooted in robust proprietary and high-quality third-party data, but our industry experts put that data into context and you’ll quickly understand:

                                                                                                                                    • The Consumer

                                                                                                                                      What They Want. Why They Want It.

                                                                                                                                    • The Competitors

                                                                                                                                      Who’s Winning. How To Stay Ahead.

                                                                                                                                    • The Market

                                                                                                                                      Size, Segments, Shares And Forecasts: How It All Adds Up.

                                                                                                                                    • The Innovations

                                                                                                                                      New Ideas. New Products. New Potential.

                                                                                                                                    • The Opportunities

                                                                                                                                      Where The White Space Is. How To Make It Yours.

                                                                                                                                    • The Trends

                                                                                                                                      What’s Shaping Demand – Today And Tomorrow.

                                                                                                                                    Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted.

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