August is traditionally a slow month in the London construction industry, due to summer holidays and a consequent decreased demand.
Last August, however, broke sharply with industry tradition, as the value of newly awarded contracts reached a total of £5.8bn based on a three-month ongoing average. This represents a 7% increase and is the highest figure recorded since last March.
The most recent edition of the Barbour ABI Economic & Construction Market Review, which contains industry analyses and insights, has spotlighted the varying values of August construction contracts across all regions of the UK. Residential construction, in particular, showed a strong performance, accounting for £2.7bn.
Barbour ABI lead economist Michael Dall commented on the new figures by saying that the UK construction sector can once more welcome a strong showing from the residential sector, which delivered £1.8bn more than any other sector throughout August, along with a 55% increase compared with August 2016.