Construction projects in Northern Ireland are set to benefit from the recent £250 million infrastructure boost provided by Chancellor Philip Hammon in the Autumn Statement. The £250 million investment will be spread over the next four year and may be used to fund major projects such as the York Street
A new £4 million low carbon technology hub has launched at Manchester Metropolitan University. SMEs working on carbon neutral hydrogen fuel technology will now have access to the state of the art equipment and technology as part of the new hub. Part funded with £1.6 million from the European Regional
In October the residential sector unexpectedly reached a huge £2.3 billion worth of construction contracts for the month. This was despite the sharp falls in the construction industry after the immediate aftermath of the Brexit vote. The November edition of the Economic & Construction Market Review from industry analysts Barbour
Construction projects in Northern Ireland are set to benefit from the recent £250 million infrastructure boost provided by Chancellor Philip Hammon in the Autumn Statement. The £250 million investment will be spread over the next four year and may be used to fund major projects such as the York Street Interchange in Belfast city centre. Chancellor Hammond also froze fuel duty for a seventh successive year – a measure that is likely to save car driver around £130 each year. The national living wage has also been increased to £7.50 per house from April, which is a 30 pence rise. Meanwhile, businesses and universities in Northern Ireland will benefit from the decision to increase funding for innovation and research by £2 billion per year by 2020-21. Managing Director of the Construction Employers Federation (CEF), John Armstrong, said that the industry had been facing difficult times. He explained: “The additional £250m of capital expenditure, over the coming four years, announced by the Chancellor is therefore a welcome boost for the local construction industry. Finance Minister Mairtin O Muilleoir also said the extra funding was “welcome”, but that lower economic forecasts and continued austerity – such as benefit cuts – meant that there was still “turbulence” ahead. Mr O Muilleoir is to tell the Assembly what he will do with the extra funding next month. Ahead of the Autumn Statement, it had been billed as one that would help a section of the population known as the ‘just about managing’ (JAMs). However, overall it was a cautious exercise by the Chancellor, who emphasised that the resulting economic uncertainty from the Brexit vote meant that growth forecasts were being revised down. Growth is expected to be at 2.1% this year and 1.4% next year – with a trend of about 2% every year through to 2020.
A new £4 million low carbon technology hub has launched at Manchester Metropolitan University. SMEs working on carbon neutral hydrogen fuel technology will now have access to the state of the art equipment and technology as part of the new hub. Part funded with £1.6 million from the European Regional Development Fund, the Manchester Fuel Cell Innovation Centre (MFCIC) will support businesses in the development of low carbon fuel cells which may soon be powering everything from cars to homes. The centre will be geared towards the production of fuel cell materials that use 3D printing and nanomaterials, while also plotting out the hydrogen and fuel cell infrastructure of the Manchester area. Hydrogen fuel cells, which work by converting hydrogen into oxygen and water to create electricity, have been widely tipped as a sustainable way for the UK to meet its energy needs in the coming decades. Interim Pro-Vice-Chancellor for the Faculty of Science and Engineering, Dr David Lambrick, said: “This is truly a ground-breaking initiative to drive forward innovation in our SMEs, develop emission-free energy and firmly position Manchester as a worldwide centre of excellence in fuel cells. “The big challenge for the 21st century is how we create a sustainable future while meeting demand for energy, which will only continue to rise in the coming years. “Fuel cells are a fundamental part of the hydrogen economy and what we have at Manchester Metropolitan is the expertise in advanced materials, nanotechnology, smart grid technology and business development.” Manchester is developing a strong reputation for low carbon technology with more than 2,000 companies currently providing low carbon environmental goods and services in Greater Manchester, employing almost 40,000 people. This new facility is part of Manchester Metropolitan’s Greater Manchester Hydrogen Partnership (GMHP) which is bidding to cement the region’s growing reputation in the sector by collaborating with government, industry and academics.
In October the residential sector unexpectedly reached a huge £2.3 billion worth of construction contracts for the month. This was despite the sharp falls in the construction industry after the immediate aftermath of the Brexit vote. The November edition of the Economic & Construction Market Review from industry analysts Barbour ABI states that the residential sector monthly contract value rose by 34% in October in comparison to September. Builders Persimmon and Taylor Wimpey both also registered growth in its order books, with the former reporting a 19% increase in sales rates. In construction overall, contracts were up in October reaching £5.9 billion, which is an increase of 5% on the previous month. However, a number of sectors are yet to recover from the Brexit vote slump in the same way that the residential construction industry has – particularly in infrastructure, with contract values down by 42% in October compared with the same time last year. Since the July referendum, Commercial & Retail, Industrial and Medical & Health have also struggled to get some momentum going. Lead economist at Barbour ABI, Michael Dall, said that the turnaround for housebuilding in October will give industry leaders, investors and the government much needed breathing space. Dall added: “However, the majority of the other construction sectors continuing to lag after the post-Brexit vote is a cause for concern, particularly infrastructure and commercial & retail, two sectors that are usually accurate indicators of how the overall economy is performing. “Housebuilding now beginning to thrive is no major surprise, as the strain on housing stock and government targets have become a matter of national attention. “What did actually surprised was the significantly large value of residential construction contract this month, reaching £2.3 billion, the highest monthly figure ever recorded for residential construction since Barbour ABI reporting began back in October 2010.”