Greg Clark, Business and Energy Secretary, announced a new partnership between the government and the construction industry at the Northern Powerhouse Summit. The investment, which is valued at £420 million, will use digital building design, offsite manufacturing, and new manufacturing technologies to cut new build delivery times by 50%.
Prosperity Capital Partners development director Ed Fowkes said that the government announcement will help modernise both the property and construction industries. By using modern methods of construction, much-needed homes can be delivered more quickly and efficiently.
With Brexit hovering over everything, the UK government needs to resolve the structural problems plaguing construction while encouraging more young talent to seek a career in the industry. The government’s sector deal is expected to do just that.
The Business and Energy Secretary said that the construction industry is an important part of economic growth. Major infrastructure projects like the pledge to deliver 1.5 million homes by 2022 mean that the sector needs to adopt modern methods of construction to deliver both homes and infrastructure more quickly.
Construction Leadership Council co-chair Andrew Wolstenholme said that the industry needs to spearhead the drive for future prosperity and growth in the UK, and expressed confidence that the deal would achieve this outcome.