Figures released today 20th November reveal that Wales accounted for nearly half of the total value of hotel, leisure and sport construction contracts awarded in October, thanks to the £315 million Circuit of Wales motor track development.
Barbour ABI, which is a chosen provider of construction data to the Office for National Statistics (ONS) and the Government, has published its latest Economic & Construction Market Review revealing that the value of hotel, leisure and sport contracts awarded in Wales totalled £331 million in October, accounting for 43.8 per cent of the total UK-wide. This is largely due to the Circuit of Wales track passing through the final planning stages in October, which will commence construction in the New Year with developers aiming for it to be ready to host the British MotoGP round in 2016.
Michael Dall, lead economist at Barbour ABI, commented:
“Wales was leaps and bounds ahead of everyone else for hotel, leisure and sport construction in October, which is no surprise considering the significant value of the Circuit of Wales contract.”
“However, there were three other leisure projects awarded in Wales last month, including the £6.2 million STAR Community Hub in Cardiff, the redevelopment of Prestatyn Nova Centre worth £3.6 million and a new gym on Stuart Close in Cardiff valued at £550,000.”
“Due to the Circuit of Wales contract, the arenas and stadia category is the main project in the sector this month accounting for 66 per cent of the total value of contracts.”
The Economic & Construction Market Review is a monthly report designed to give valuable insight into UK construction industry performance. It is compiled from Barbour ABI’s records of construction data for every UK planning application, and key indicators, such as the Office for National Statistics’ Construction New Orders data.
Watch Michael Dall interview Noble Francis, economics director at the Construction Products Association, about this month’s ECMR: https://www.youtube.com/watch?v=mAcNsoLUmzI&list=UU-eUKEHpDQYeoR-8QApLPqA.