Commercial and retail construction contracts increased by almost 70 per cent in February according to figures released by Barbour ABI .
The value of projects awarded topped £1.1bn in February which is 67.9 per cent higher than this time last year and over a third (35.4%) higher than in January 2015.
Contracts for key projects such as the Pinnacle Building in the City of London were a major contributor to the surge and led to office projects accounting for a sizeable 70 per cent of all commercial and retail contracts awarded in February. Last month also saw a marked increase in the food-retailing sector, with projects making up 19 per cent of works handed out – a 10 per cent increase on February 2014.
Barbour ABI lead economist Michael Dal said: “It’s good news that commercial and retail construction is on the up as, sector-wise, it is the second biggest contributor to the overall industry in the UK after housebuilding.
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