Average contract values in UK increased 18%
According to the latest Economic & Construction Market Review from Barbour ABI, the amount of projects commissioned in 2015 decreased year on year to under 12,000, however the total value was not negatively affected thanks to the increased number of mega projects.
This resulted in the average construction project value increasing by 18 percent to £6.2 million for the year.
An example of some of the large scale commisioned projects in 2015 include the £1.3 billion Rampion offshore wind farm, the £1 billion Thames Tideway Tunnel and a £330 million extension of Walney offshore wind farm.
Many of the large scale projects commissioned in 2015 were within the renewable energy sector, resulting in the infrastructre industry having a bumper year, increasing its total contract value by 47 per cent to £18.9 billion. ■