Building on data: key stats shaping construction and housing

CPA Chief Economist Noble Francis made an interesting observation about the new Construction Minister. Chris McDonald is the 10th Construction Minister in the last 5 years, lasting an average of 8 months. Given that construction is only one of the 19 sectors the minister covers, is it any wonder how volatile the industry has been of late? 

According to analysis from Molior, house building in London has collapsed. Just 40,000 homes are under construction – two-thirds the normal rate. Inflation, new regulations, and cladding remediation are all having an effect. Meanwhile, 92% of applications for high-rise buildings are being held up by the Building Safety Regulator

UK cement manufacturing has fallen to its lowest level since 1950. Concrete production is at lows last seen in 1963 according to an article in the Times. The UK now buys 32% of its cement from abroad, compared with 12% in 2008. The explosion in imports is a result of competition from countries where carbon or environmental pressures are lower according to the Mineral Products Association. 

A site in Crews Hill, Enfield has been earmarked for 21,000 new homes. The Government’s New Towns Taskforce report confirmed the area is among 12 sites thought suitable for new towns across England. Another 10,000 new homes are set to appear near LMC’s own office in Milton Keynes. 

The latest BCIS infrastructure Forecast found civil engineering costs are set to rise by 15% over the next five years, while tender prices for civil engineering work are expected to increase by 24%. Dr David Crosthwaite, chief economist at BCIS, identified labour costs as replacing material cost inflation as a key driver of increased costs.   https://www.bcis.co.uk/news/bcis-construction-infrastructure-forecast/ 

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