The construction industry in the United Kingdom is comprehensive and contains more than 250,000 firms that employ as many as 2.1 million people in various roles. The construction industry of the United Kingdom contributes as much as 10% of the total Gross Domestic Product (GDP). The construction industry of the UK is one of the top ten construction industries in the world. The output of the construction industry is more than 100 billion pounds. It varies, but includes construction of roads, dams, residential, industrial and commercial buildings, building services, bridges, tunnels and so on.
With respect to the construction industry, the main center is going to be Europe’s financial capital, London. This is because of its plan to increase its investment in residential property. There has been a tremendous shortage of houses in London and hence the local government of London is encouraging private investment to fulfill the demand of houses. London also has tremendous opportunities in the arena of intermediate housing. The London Development Agency, an agency of the mayor of London, is working to remove barriers that obstruct investment in London’s construction industry.
However, the main opportunity that comes with the construction sector in the United Kingdom is that of sustainable houses. Owing to the effects of global warming, there has been a dire need for eco-friendly houses. The main region that is ahead in this sector is the Northwest region of the United Kingdom. As investing in such environmental friendly constructions will improve the image and profile of the company in the marketplace, investors should not miss this opportunity provided to investors by the UK.
Furthermore, the United Kingdom’s engineering construction industry also has plenty of opportunities in store and is projected to grow in the coming 10-15 years. There will be a need for investment in maintenance, repair and upgrading.
To boost investment in the construction industry, the government of the UK is taking a number of steps, such as creating awareness among the local players who have the potential for international opportunities in the arena of construction.
The UK trade and investment agency, set up to encourage overseas companies, is tapping new opportunities in construction in developing countries such as India, China and developing EU member states. They have also tapped the investment opportunities in Brazil and have enlisted more than 80 projects that will prepare Brazil fully to host the Soccer World Cup in 2014 and the Olympic and Paralympic Games, which are going to take place in Rio in 2016.
The construction industry in the United Kingdom is all set to expand and has loads of opportunities in store for investors, especially for those who wish to invest in sustainable construction.