Industry Analysis
The UK construction industry is one of the most important economic drivers with more than 6% contribution to GDP. In 2021, the gross value added (GVA) of the UK construction industry amounted to £122,167 billion. The UK construction industry is expected to reach £236.8 billion by 2024.
The UK construction industry is diverse and presents massive opportunities for businesses to tap into its potential. The industry is divided into three subsectors, commercial & social (45%), residential (40%), and infrastructure (15%).
Total construction new orders increased by 9.2% (£1,121 million) in Quarter 4 (Oct to Dec) 2021 compared with Quarter 3 (July to Sept) 2021. Total new orders are now at their highest level (£13,326 million) since Quarter 3 2017.
In 2021, there were approximately 2.2 million people employed by businesses in the construction sector in the UK. In the same year, there were approximately 914,000 business enterprises in the construction sector in the UK.
The services sector in the UK Construction industry is as diverse as the construction industry, and it can be seen differently from the material and products, which are comprised of the following services:
Although the construction industry seems to expose more threats and risks than other businesses, its market value is undeniably still soaring. In November 2018, the government announced several investment projects to transport systems, social infrastructure, hospitals, and schools through the National Infrastructure and Construction Pipeline. The government supports this industry and would like to encourage more businesses in the construction industry. If you are struggling with how to start the business and how to go through the steps, you are welcome to consult with our professionals at +44(0) 203 637 6137. We would be delighted to discuss your ideas.
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