Construction Technology has received £420 million cash to speed up property building. This is the biggest public and private investment into construction for at least a decade and the strategy aims to boost the government’s ambitions of building 1.5 million new homes by 2022.

The money will help the current housing supply shortage by developing new, innovative construction materials and techniques. The government has contributed with £170 million, while the rest of £250 million came from industry investment.

“The construction industry is fundamental to growing our economy as we build to invest in our future. Major infrastructure projects like HS2 and the commitment to deliver 1.5 million homes by 2022 mean that we need a construction sector that can drive innovation, delivering homes and infrastructure quicker,” said Greg Clark, business secretary in a speech to the Northern Powerhouse Summit.

“As buildings account for around 30 per cent of total emissions, we also want to ensure that we are at the global forefront in designing and building smart, energy efficient and affordable homes and buildings through the Clean Growth Grand Challenge, saving families money on their bills,” Clark added.