Commenting on the figures, Michael Dall, Lead Economist at Barbour ABI, said: “The Government is focused on raising the levels of major infrastructure projects, in particular public sector schemes such as offshore wind farms, energy plants and motorway upgrades have considerably boosted construction value in more rural regions. Districts such as the Isle of Anglesey and Norwich and East Norfolk have experienced year-on-year construction contract value growth of 916 per cent and 744 per cent respectively.”
Apart from large scale industrial projects, the Norwich property market is consistently improving, too, with the greatest number of first time buyers recorded since 2007 and an increased demand for property in Norwich from individuals planning to move to Norwich from out of area. Overall, 36,400 new homes were started between the months of April and June this year (2017), which was a 6% increase on the previous year, showing the effort to create extra housing is paying off.
While we recognise more needs to be done, Devise Construction remains robust in its plans for growth in line with the projected stimulation of the housebuilding sector, with renewed government effort and well placed in the East of England to satisfy current and future demands from property developers looking to expand or start up in the region. Contact Ben James at Devise Construction for an informal and confidential discussion about property investment and construction in Norfolk.