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| 19/07/2010 |
Cancellation Of BSF Projects Will Effect Construction Sector |
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.gif) Education projects accounted for almost 19 per cent of all UK construction project starts in the last 18 months, according to Glenigan.
The cancellation of the Building Schools for the Future programme (BSF), worth £55bn means 715 schools around England and Wales will not be built or refurbished. Following the confusing announcements about which projects have been affected, Glenigan have published a new report "BSF - the aftermath" to provide clarity about the status of every BSF project.
The impact on the sector over the next two years will be dramatic. Projects cancelled totalled £12bn due to start in 2010, £22bn in 2011 and £24bn in 2012. Projects worth £5.8bn are unaffected; however starts may fall back sharply to only £466 million by 2012. Projects worth £873m are under review and projects worth £5bn have been scaled back.
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Allan Wilen, Economics Director, Glenigan, said: "Boosted by this large scale government Investment, Glenigan recorded an 18% rise in the value of underlying education projects starting on site during 2008 and a further 11% increase last year. Public funding and public private partnership funding together accounted for over 80% of all education projects from January 2009 to June this year, according to Glenigan start on site data.
"The immediate impact of the Government's announcement on the flow of schools projects and construction output will be moderated by the fact that the last year, indeed the last few months, have seen a surge in projects reaching financial close. These will help support sector activity over the coming year." In total there are some 700 schools that have already opened, started on site, or reached financial close. Many of the axed projects were at a very early stage of development and were not scheduled to start on site until 2013 at the earliest.
(CD/GK) |
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