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Four major UK cities to lead construction boom

A recent survey revealed that despite Brexit, one industry that won't be impacted in the construction industry.

Posted by Joe Lawson-West | April 25, 2017 | Bricks & mortar

A recent survey revealed by the The Telegraph that despite Brexit, one industry that won’t be impacted in the construction industry. Birmingham, Leeds, Belfast, and Manchester are among the four UK cities that will benefit from significant housing developments over the course of the next couple of years due professionals looking alternative cities to live in away from the expense of London.

Additionally the number of offices under construction in Birmingham has seen an increase of 50% from last year, which is the highest jump since 2002. 

However, it was the construction of the high-speed railway between London and Birmingham, Manchester and Leeds that has also led to growth. The first phase of the development is set to begin this year as it reaches Birmingham by 2026, Crewe by 2027, and its completion date is pegged at 2033. The closer the train line gets to completion, the more housing, commercial and industrial units are set to be built in the aforementioned areas.

As the construction industry sees growth in the West Midlands, a separate report suggests that the region will also see more than 215,000 new jobs by 2020, according to the 
Birmingham Post fuelled by retail and infrastructure projects. As major investment enters the city, the number of construction projects is expected to grow at an annual average rate of 1.7%.

'We want to attract workers who have left the industry to return and upskill those in it so we can deliver major projects and new housing faster and better,' said Lorraine Gregory, partnership manager for the West Midlands.

It’s not only the construction industry that is experiencing growth, private investors also see an increase in revenue brought about by the rise in housing stocks in Britain. Birmingham witnessed a massive 1000% rise in residential plans last year. This is based on the Halifax House Price Index, which 
FXCM explained in a post about economic indicators in Britain as a tool to measure a “standardised house price” by comparing the value of the property quarterly every year to address short-term price fluctuation.

“All sectors are active and we conclude that our regional cities are delivering growth and investment at levels not witnessed for many years,” explained Simon Bedford, a partner for development at the Deloitte Real Estate. He believes that there’s definitely growth and recovery in Britain’s economy. 

Across the country, Leeds has also enjoyed a surge in the amount of commercial units being built since 2007. The survey mentioned that there are now twice as many commercial offices as retail units in the city. Meanwhile, Manchester has witnessed more than 20 large-scale residential construction projects in the same year. Rentals are projected to rise in the coming years not only for residential units, but also for commercial units as well. While Belfast had 19 notable construction projects in 2016, including hotels and student accommodation, with 11 having already been completed in 2016.

Despite reports claiming that the construction industry was set to take a massive hit post-Brexit, B4ed stated they are still optimistic about the future. 

Professor Dame Julia Goodfellow even remarked in one of her opening speeches that ”While the outcome [of Brexit] was not one that the University sector had hoped for, we have accepted it and are looking to move forward.” 

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