The Construction Products Association's Summer Forecasts released this week have revealed that private housing starts are set to increase by 18% this year to 134,170 units. This is great news for the housebuilding industry and manufacturers, distributors and merchants of building products.
The Construction Products Association (CPA) also said that over the next two years the whole construction industry is set to grow by approximately 10% and contribute almost £11 billion to the UK economy.
The private housing sector is expected to grow 10% in 2015 followed by 5% growth every year to 2018.
Noble Francis, CPA’s economics director, explained the slower growth expected after 2015: “The pending general election will cast the future of housing policies into doubt. Such uncertainty, together with questions about affordability and higher mortgage repayment costs, will likely subdue private housing growth to 5% per year from 2016.”
It is a good time to be involved in the construction industry and it is leading the way in the recovery of the UK's economy.
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