According to industry analyst Barbour ABI data analysis, in June 2020, the number of construction contracts awarded in the UK increased by 81% from the previous month. According to a three-month rolling average, contractors signed a total of 477 contracts this month with a business value of approximately 2.42 billion euros.
Although the contract value fell by 9.2% month-on-month and 57.3% year-on-year, Barbour ABI stated that with the advancement of epidemic prevention progress, the British economy will slowly recover. The increase in the number of contracts indicates that the situation has improved.
The "Barbour ABI Economic and Construction Market Review" report divides construction industry activities into seven parts: residential, industrial, commercial and retail, hotel, leisure and sports, medical and health, education and infrastructure. The report shows that residential construction accounts for the largest share of contract awards, accounting for 39% of all contracts awarded. The largest single contract came from the refurbishment of the railway station at Gatwick Airport in the infrastructure sector, valued at approximately 165 million euros.
Geographically, London accounted for 26.1% of all contracts authorized in June in the UK, followed by the Southeast with 16.4%, and the Northwest with 13.6%.
Earlier, Tom Hall, chief economist at Barbour ABI and AMA Research, said: “The British economy stagnated in May, affected by the epidemic, and production capacity continued to decline. The June data will enable everyone to better understand Part of the economic recovery activities, I believe that the economic losses caused by the epidemic will gradually be restored."
