Glenigan Customer Newsletter

Glenigan Insight 16th March 2010

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Construction down 15% as public sector and civil engineering project starts fall

Featured Region: Scotland

Featured Sector: Social Housing

Project News
Tenders invited for health centres
Plans announced for public realm revamp
Mansell awarded recycling centre contract
Parsons & Joyce start on housing scheme
Edinburgh Tram project fast-track ploy
Old Trafford cricket ground redevelopment agreed

Company News
Former Laing O'Rourke COO Tony Douglas joins Keltbray
Bovis boosts staff and supplier numbers as it plans for growth
Kier and Rok eye £28m retrofit market
ISG hires former Harry Neal directors
Taylor Wimpey to slash UK build costs by 10pc before end of 2010
Southdale aims to double turnover

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Breakfast Briefing - Your Invitation

Construction down 15% as public sector and civil engineering project starts fall

- Residential project starts up 13%
- Non-residential project starts down 24%
- Civil engineering project starts down 32%

The value of construction projects starting on site during the three months to February 2010 was 15 per cent lower than the same period a year ago according to the latest Glenigan Index. The fall is the result of continued weakness of non-residential project starts and a drop in civil engineering projects. “The rise in private housing projects points to improving private sector confidence which is expected to lift industry prospects during 2010 countering the impact of declining government funded work” according to Allan Wilén, economics director, Glenigan.

The Glenigan Residential Index for February was 13% higher than a year ago due to an increase in private and social housing project starts. “Private housing projects picked up as housebuilders pressed on with projects disrupted by poor weather during December and January. Housebuilders are keen to capitalise on rising house prices and property transactions and the further improvement in market conditions anticipated for 2010” commented Mr Wilén. The Glenigan Residential Index for February 2009 which was 75.5 versus a 2006 base of 100.

The Glenigan Non-Residential Index for February was 24% lower than February 2009 because private and public funded project starts were weak. Mr Wilén explained “Commercial and industrial project starts remain weak due to the sharp fall in rental and capital values over the past two years. Increased investor interest in these markets has not yet fed through to developer activity. Glenigan forecast that office, industrial and retail project starts will increase in the second half of 2010.” Mr Wilén added “The rise in government funded work since April 2009 partially offset weak private sector investment. However, more recently the flow of health and community & amenity projects has slowed and education projects fell back sharply during the three months to February. The general election will further disrupt new public sector projects.” The Glenigan Non-Residential Index for February 2009 was 72.3 versus a 2006 base of 100.

The Glenigan Civil Engineering Index for February was 32% lower than February 2009 due to fewer road and rail projects and a surge in project starts in February 2009 which exacerbates the fall in the annual comparison. New renewable energy and transport infrastructure projects are forecast to boost in the sector. The Glenigan Civil Engineering Index for February 2009 was 87.9 versus a 2006 base of 100.

Featured region: Scotland

Recent performance
The construction industry began 2008 strongly in Scotland and several large projects helped carry momentum into the second half of the year for some sectors. Official statistics recorded a 2% rise in the value of Scottish construction output in the year. However, output weakened during the final quarter and was 6% down on a year earlier, by which point the impact of the credit crunch had begun to be felt in many sectors. In particular the value of underlying construction starts contracted by a quarter in 2008 year, with the fourth quarter especially weak.

Civil engineering starts have continued to bolster construction in Scotland. Whilst the value of underlying civil engineering project starts slipped back during 2008, a number of major projects helped to maintain momentum in the sector, with total project starts during the year more than doubling. Furthermore 2009 saw a subsequent rebound in the value of underlying project starts, which were 25% up on the previous year. In addition, the start of works in April on the £320 million project to upgrade the M80 will help boost industry output over the next three years.

In contrast, private housing starts have suffered a dramatic reversal of fortunes since the third quarter of 2008. The value of underlying private housing starts during 2009 was 35% down on the previous year and was at its lowest level in more than three years. The flow of social housing projects, however, doubled during 2009, boosted by several sizable developments for housing associations.

Scotland’s non-residential sector has experienced mixed fortunes in recent months. The hotel & leisure and education sectors have performed strongly since the start of 2009, countering the sharp falls endured in 2008. In contrast, the poor economic environment has continued to weigh heavily on the flow of new industrial buildings, office schemes and retail projects starting on site.

Prospects
Scotland’s construction industry is set to experience increased volatility in the flow of new projects and a sharp divergence in sector fortunes. The value of underlying planning approvals fell by 7% 2009, despite a pick up in planning approvals during the closing months of the year. We expect this protracted weakness in planning approvals to act as a drag upon the the value of underlying construction starts over the coming year.

Economic recession and rising unemployment will continue to have a big impact on construction in the region. Private housing construction starts, which had been performing relatively well until the final quarter of 2008, are expected to remain under pressure near term.

In contrast, the utilities sector is set to buck the trend. During 2008, the value of underlying planning approvals rose by 16% on the previous year in this sector and remained firm during the first eleven months of 2009. Scotland’s geographic position makes it particularly attractive for wind farm investment and a number of schemes are in the early planning stages. In addition, Scottish Water is also expected to continue with a strong investment programme. We expect prospects for the utilities sector to improve in the medium term.

The Scottish government’s decision to bringing forward capital funding from 2010-11 will in the near term continue to support public sector investment in areas such as education and social housing. However, the decision to bring forward capital funding into the current financial year will increasingly constrain the flow of public sector projects over the course of 2010. In addition the value of underlying planning approvals, a leading indicator for construction activity, fell by 34% during 2008 and dropped a further 7% last year. Against this background Glenigan anticipates construction starts will remain subdued during 2010.

Featured sector: Social Housing

Recent performance
On the back of increased investment in social housing, new housing volumes had started to climb in recent years. The 2007 Spending Review confirmed that social housing provision is set to remain a key Government priority area, with increased funds provided for new affordable and social homes, as well as improving the existing social housing stock.

The Government announced a commitment to increase the number of new social rented houses by 50% to 45,000 units per year over the three years to 2010/11, with a goal to reach 50,000 homes per year in the next spending review period. However, the commitment to accelerate new social housing provision was critically dependent upon an increase in private developer contributions, planning gain and efficiency gains, alongside an increase in government funding.

Over the last two years, social housing programmes have been caught in the fallout from the slump in the housing market. As private sector housing developments have been mothballed, so has the promised affordable housing element in the schemes. In addition, new social housing projects are often part of a wider regeneration programme involving a significant private sector element. Many of these have ground to a halt as the credit crunch and falling capital values have undermined their commercial viability.

In addition, Government efforts to support private sector housebuilders by purchasing unsold properties for social housing may be diverting anticipated government funds away from construction in the sector.

The 2008 Pre-Budget Report provided additional financial support for the sector, with government funding rising by 21% during 2008/09 and a further 14% in the current financial year. Whilst these additional funds have help the new Homes and Communities Agency restart stalled schemes, the initial uptake was slow, with a £400 million capital underspend during the last financial year.

Certainly, in advance of the launch of the new agency, Glenigan recorded a dramatic fall in project starts during the first quarter of 2009 which were running at half the level of a year earlier. The decline more than reversed a modest pick-up in project starts during the final quarter of 2008, which had benefited from a number of estate refurbishment schemes for local authorities and housing associations. The contribution of these schemes to sector output, however, will be spread over a number of years.

However, project starts have improved since the commencement of the new financial year, suggesting that the HCA has started to deploy the additional funding promised in the 2008 Pre-Budget Report. Indeed the recovery accelerated over the summer, with the value of underlying work starting on site during the three months to September 52% up on a year ago, before easing back slightly during the closing months of the year.

Regionally, Wales, Yorkshire and the Humber, and the North West of England saw the sharpest falls in the value of projects starting during 2008. In contrast, the East Midlands saw a doubling in the value of underlying project starts. London, which accounted for 28% of new social housing projects in the UK, also grew strongly in 2008. There has similarly been a sharp divergence in project starts across the country over the last year. The value of underlying projects starting in London and the East Midlands suffered year-on-year falls during 2009, while Scotland, the South West, and North West of England and the West Midlands all saw marked increases in project starts.

Prospects
A fall in the value of social new housing projects in the pre-construction pipeline has been a constraint on the flow of new project starts over the last year. The value of project applications fell back slightly during 2008 and would have been substantially lower but for a £1 billion long-term plan to redevelop the Woodberry Down housing estate in Hackney, the first phase of which is now starting on site. Overall, applications during the three months to December were 48% down on a year earlier. The flow of projects securing detailed planning approval had progressively weakened during the year and was down 58% year-on-year during the three months to December.

Whilst approvals remained relatively weak, they are firmly off the lows seen during the final six months of 2008. Planning approvals edged higher during the course of 2009 and secured an 11% rise for the year as a whole. This relative improvement has been feeding through to project starts.

The flow of new build social housing projects entering the planning system remained weak during 2009. The number of applications made last year was 10% down on a year earlier, despite a spike in applications during the summer months. Approvals were also weak, being 19% down overall compared to the previous year.

Some local authorities and housing associations have begun to investigate purchasing newly built, unsold properties from private developers rather than committing to new social housing construction projects. The Government's rescue plan for the housing market is set to accelerate this process, with the announcement that existing funds will be brought forward and diverted to enable social landlords to purchase housebuilders' unsold stock. While this provides welcome relief to hard-pressed housebuilders, it restricts the funds available for social housing construction over the next three years.

Near term, the new social housing sector will continue to suffer from the fall-out of the private housing market as the flow of mixed-use developments and projects part-funded through section 106 agreements remains sparse. However, the recent pick up in starts has been fuelled by the additional funding promised in last autumn’s Pre-Budget Report has begun to unlock stalled projects. This additional funding is expected to sustain the pick-up in social housing starts during the opening months of 2010. Furthermore recent funding approval for the first wave of new council house building is set to see 2,000 new social sector homes starting on site by March 2010.

Taken together these factors reversed the early weakness in project starts last year, securing a 15% rise for 2009 as a whole. However, looking ahead to the current year and beyond, the sector is expected to come under growing pressure from a tightening in Government capital funding from the start of the next financial year. Current projections point to an 8% decline in project starts during 2010 with scheme starts remaining weak during 2011.

Furthermore considerable downside risks remain. Under existing Government plans, CLG communities’ capital funding falls by 30% during 2010/11. New project starts are likely to bear the initial brunt of any funding cuts with planned schemes potentially rescheduled or shelved. Further steep cuts in public sector funds are anticipated from 2011/12 as, post-election, the new Government seeks to cut the budget deficit. Under existing Government plans, net investment is set to halve by 2013/14.

Against the background of dwindling public sector funding, private finance appears set to play a growing role in taking forward major social housing and regeneration projects over the next five years, whatever the outcome of the next general election. In particular a new Conservative government would look more to expenditure reductions than tax increases to tackle the budget deficit. This could be expected to further squeeze available public capital funding for new social housing projects.

Following a change of Government, the flow of new projects is likely to be delayed post-election as existing projects and programmes are the subject of review. This would reinforce the anticipated squeeze in the value of underlying projects starting on site during 2010 and 2011. Whilst government capital funding will remain tight during the subsequent three years of the next parliamentary term, private sector finance is expected to take an increased role in supporting social housing investment.

Project News

Tenders invited for health centres
Tenders are currently being invited for the £85 million Mersey Care Development Programme for Mersey Care NHS Trust. Works will involve the construction of five new mental health environments at Walton Hospital in Liverpool; former Ian Skelly site, Edge Lane, Liverpool; Mossley Hill Hospital in Liverpool; Sefton Health Park in Liverpool and Southport General Infirmary in Southport. A framework contract will be put in place for this development. Work is expected to commence late Summer 2010 and run for four years.
Project ID: 05079177

Plans announced for public realm revamp
Sunderland City Council has announced plans to revamp Market Square in Sunderland. The £1 million scheme will include new paving with feature lighting and power sockets for events, moveable seats which can be arranged for different purposes, removal of dead or dying trees, improved street lighting, removal of existing seats, litter bins and other street clutter. Works are expected to start in 2011.
Project ID: 10099989

Mansell awarded recycling centre contract
Southampton City Council has appointed Mansell Construction Services to design and construct a new £10 million household waste recycling centre at the Millbrook Trading Estate in Southampton. Work is due to commence on site October 2010.
Project ID: 10100008

Parsons & Joyce start on housing scheme
Main contractor Parsons & Joyce has now started on site with the construction of 10 flats and two houses at Mallard Road in Bournemouth. The £1.123 million scheme for Bournemouth Borough Council has been designed by Dalton Crawley Partnership Ltd.
Project ID: 08197726

Edinburgh Tram project fast-track ploy
Edinburgh councillors are looking to fast-track the much-delayed tram scheme. The controversial project has been hit by delays and disruption, and councillors want to show progress has been made by the time of the elections, it has been claimed. The Edinburgh Evening News said bosses of TIE, the council-owned tram firm in charge of the project, were considering whether to ditch contractor Bilfinger Berger over the delays of the £545M project.

It added that the company is looking at hiring Siemens to take over the management of the sub-contractors. A source told the paper: "Work is progressing very well off-street, which means that part of the line could be opened well before the council election, possibly next year." The tram line, which will run from Haymarket to the airport, was due for completion this year. But bosses on the project have admitted it may not be up and running until 2013.
Project ID: 10085339

Old Trafford cricket ground redevelopment agreed
A £32M redevelopment plan for Old Trafford cricket ground has been given the green light. Trafford council approved of the redevelopment plans and work can now begin in the autumn. Having received permission to go ahead with the project, Lancashire Cricket Club can now press on with the work, which includes the construction of a Tesco superstore adjoining the ground. The club had been told that without ground improvements, it would not be considered as a venue for future international Test matches.

Before the council gave its backing, it was believed the match between England and Bangladesh this summer would be the last Test at the ground. To remain an international venue in the medium term, construction work at Old Trafford must start next year so that England and Wales Cricket Board deadlines can be satisfied. A report to the council had already recommended approval, and found favour with Lancashire chief executive Jim Cumbes. The decision means that, subject to formal approval by Government Office North West, preparation work can begin on the redevelopment of the ground. Cumbes told his club's official website: "This is an historic decision for the future of international cricket in the north west - we can now press on with redeveloping the famous Old Trafford cricket ground and securing our place as one of the world's best cricketing arenas."
Project ID: 09360523

Company News

Former Laing O'Rourke COO Tony Douglas joins Keltbray
Former Laing O'Rourke chief operating officer Tony Douglas has been appointed to the board of demolition contractor Keltbray. Mr Douglas, who was widely tipped to replace Ray O'Rourke as chief executive of Laing O'Rourke until his departure in November, has taken on a non-executive director's role at Keltbray. The demolition contractor has hired Mr Douglas for his experience in handling infrastructure projects.

Mr Douglas ran Laing O'Rourke's European, Asian and Middle Eastern divisions. He said: "I am delighted to be joining the board of Keltbray. It is an innovative business leading its sector, and I look forward to working with the team towards its continued growth and success." Keltbray chief executive Brendan Kerr said: "Douglas' extensive experience of significant UK infrastructure projects and international business will greatly contribute to our plans."

Bovis boosts staff and supplier numbers as it plans for growth
Bovis Homes is planning to grow both its workforce and supply chain considerably as it looks to "significantly ramp up production", particularly in the Midlands and the south of England. Chief executive David Ritchie said he expected to push his staff numbers well past 500 in 2010, having been down as low as 400 in 2009. Subcontractor numbers will also rise substantially as the firm looks to start building once again.

Mr Ritchie said: "We have twice as many subcontractors today as we had this time last year. They have been pricing a lot of work with us recently. We would expect the increase in numbers to continue to rise substantially." Bovis sold 1,803 homes in the year to 31 December 2009, but built just 911 new residences. The housebuilder is now looking to buy significant amounts of land at current prices and with planning permission that it can use this year. Mr Ritchie said: "Now is the time to buy land and with £112 million of cash in the bank we have got the balance sheet to do it."

Bovis, which operates across the majority of England and Wales, is looking for land in the South and Midlands particularly. It also already has more than six years of planning-ready land capacity. The firm this week reported a 2009 pre-tax profit of £4.8m compared to a loss of £78.7m in 2008, after writing up the value of its land bank by £11.6m.

Kier and Rok eye £28m retrofit market
Regional giants Kier Group and Rok are taking aim at the emerging £28 billion sector to retrofit the UK's housing stock. The Department for Energy and Climate Change last week revealed it would move to introduce Pay As You Save 'green mortgages' that could be fixed against properties rather than individuals. The move is regarded as a major step towards retrofitting the UK's 26 million homes.

Kier, which manages a 240,000-strong social housing stock, is exploring ways of retrofitting its own portfolio. The contractor is in talks with several companies about implementing schemes using innovative finance methods like PAYS to fund work. Rok is meanwhile conducting a trial with B&Q where homeowners can obtain a long-term interest-free loan to improve their home with retrofitted items.

A £1m pot of cash has been allocated for the Rok pilot scheme, with about £10,000 expected to be spent on each home. Work on retrofitting properties throughout the London borough of Sutton for the trial will start next week. Rok chief executive Garvis Snook said: "B&Q has created a store where customers can come in and discuss their options, whether they are eligible for a grant or they can take a loan. "They are the interface with the customer and we will be fitting the B&Q products, much as we already do with their kitchens and bathrooms.

"We are also in talks with other companies in this arena. It is an area we are investing in heavily at the moment." In its results for the year to 31 December 2009, Rok reported a 188 per cent increase in pre-tax profit to £17m, from £5.9m the previous year. Turnover fell 29 per cent to £714.8m from £1.01bn in 2008. The business took a step back from its regional contracting activities during the course of the year, reducing its workforce in the area by 660.

As a consequence, turnover in the division fell by 45 per cent to £307.4m from £563.6m. The group has instead focused on the expansion of its maintenance and improvement businesses, which now account for 58 per cent of the total Rok turnover. The company has 83 per cent of its 2010 target revenue already secured and an order book of more than £2bn.

Mr Snook said: "We have focused on areas where we can offer something really different. We are very margin-focused and have not been driving for volume." Rok is extending the scope of its plumbing, heating and electrical business, which now covers 40 per cent of the UK. By the end of this year it will be expanded to cover up to 70 per cent of the country. This will then increase to up to 90 per cent by the end of next year.

ISG hires former Harry Neal directors
Interior Services Group has picked up staff from collapsed London firm Harry Neal and is closing in on the acquisition of a Moscow fit-out firm as it targets growth both in the UK and overseas. Speaking to CN following the announcement of ISG's results for the six months to 31 December 2009, chief executive David Lawther said the contractor had taken on directors from Harry Neal in a bid to increase its presence in the capital's high-end residential market. He said: "The ex-management team of Harry Neal has joined us. We've got seven schemes worth more than £40 million and we wanted to add to the skill set we already had in that area."

Mr Lawther said ISG had not taken on any other elements of the business, which entered liquidation on 18 February despite the presence of four potential buyers for the high-end residential specialist. Meanwhile ISG is also close to acquiring a Moscow-based fit-out firm, having signed heads of terms to purchase the company. The deal, however, is yet to be finalised. On Tuesday, the contractor posted a 14 per cent drop in turnover to £484m, compared with £562m in the second half of 2008.

But Mr Lawther hailed what he said were robust results amid the turbulent economic environment. Pre-tax profits fell 61 per cent from £6.3m to £2.4m - but this included an exceptional item of £1.9m, representing ISG's estimate of the fines and legal costs resulting from the Office of Fair Trading's cover pricing investigation into two subsidiaries. Mr Lawther said ISG's London division - which recorded a 39 per cent rise in profits from £2.2m to £3m despite a £40m fall in turnover - was looking forward to a return in private sector activity.

"But we will continue to focus on the education market while we wait for the return of the private sector," he added. Mr Lawther said while it was too early to comment on exactly when the private sector would recover, he felt activity was certainly further along in the south of the country where some developers were beginning to make progress on project plans. But he anticipated that refurbishment work would not start to rise for another 12 to 18 months. The group's results revealed ISG's regional division has doubled its operating profit to £2.6m, compared with £1.3m in the second half of 2008.

Taylor Wimpey to slash UK build costs by 10pc before end of 2010
Taylor Wimpey is aiming to slash the cost of building its UK homes by 10 per cent from mid-2009 levels. Group chief executive Pete Redfern said he wanted to hit the target by the end of this year. He revealed his goal last week as the housebuilder announced a pre-tax loss of £640.6 million for the year ending 31 December 2009. The loss was significantly down from the £1.84 billion deficit it reported for 2008, and was largely down to writedowns of £445m in the UK and £79m in North America.

Taylor Wimpey made an operating profit of £43.3m in 2009 - due in part to driving down its build costs by 4.4 per cent in the second half of the year. The group posted turnover of £2.6bn, down from £3.47bn in 2008 and £4.14bn in 2007. Mr Redfern said: "During the first half of the year, there was restructuring of the business and significant land bank writedowns. "In the second half we saw quite a shift, with increased margins in the UK and reordering of the land bank in North America."

He added: "We have a target of reducing our UK build cost by 10 per cent from its peak to 2010. We have got almost halfway there in the first six months." Work to reduce the build cost has focused on revising planning permission to build cheaper units, as well as putting pressure on subcontractor and material prices. There have also been operational efficiencies, with a site now costing half as much to run as it did a year ago. The firm completed 10,186 homes in the UK in 2009 at an average selling price of £160,000.

This was down from 13,394 houses and an average of £171,000 the year prior. Taylor Wimpey intends to complete about 10,000 homes this year. Mr Redfern estimated the housebuilder had paid an average of £30,000 per plot for the land it currently owned, down from about £56,000 at the height of the market. He estimated that the land was worth in the region of £28,000 at current prices. Despite the writedowns, Taylor Wimpey halved its net debt in 2009 to £750.9m. The firm also announced plans to close its George Wimpey defined benefit staff pension scheme, bringing it in line with the Taylor Woodrow scheme.

Southdale aims to double turnover
Halifax-based building firm Southdale Homes has said it is on track to double turnover to £60 million by the end of its financial year. The housebuilder is also carrying out some general construction following the acquisition of contracts to carry out projects on schools, healthcare and extra care facilities - worth a total of £50 million to Southdale. Wins include an £11.2 million social housing development at Fairfields Estate in Leeds, comprising 132 homes. Spanning six sites, the project is due for completion by May 2011.

It will also carry out the construction of the £12.5 million Westfield social housing development in Redcar, comprising 123 homes. Other projects include the £11 million Beaumont Hill Schools project in Darlington, and a £4.6 million housing development in Skipton. Paul Moore, managing director of Southdale said the company has gone from "strength to strength" over the last 12 months. He said: "These contract wins rubber stamp our continued growth, increased market share in areas such as Yorkshire and the Humber, the North East and North West and our strategic ambitions for the business over the next six to 12 months."

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Breakfast Briefing - Your Invitation

Breakfast briefing: The outlook for Construction after the Election
Date: 27th April 2010
Time: 08.00-10.30
Price: FREE
Venue: St. Pancras Room, Kings Place, 90 York Way, London, N1 9AG

The outcome of the impending General Election will have a major impact on the construction industry, whichever party wins. Glenigan, Infrastructure Journal and DeHavilland have joined forces to examine what the election result will mean for the construction industry. We would like you to join us for this complimentary breakfast briefing to gain insight from and debate the issues with leading industry experts.

Why should you attend?
- Ensure your business is best placed to handle the threats and respond to the opportunities that the election result will present;
- Focus resources and investment strategies on areas least likely to suffer from funding cuts;
- Quickly get up to speed with the views of the major political parties on key construction issues;
- Put your questions to leading industry experts;
- Network with senior people from the construction industry, its suppliers and investors; and
- Delegates will receive a free copy of the Glenigan Key Market Indicators report which retails for £295.

Who should attend?
- Senior executives from contractors and suppliers to the construction industry; and
- Construction industry financiers.

Speakers
Allan Wilen, economics director, Glenigan, the trusted source of construction industry market data, analysis and forecasting.
Angus Leslie Melville, editor, Infrastructure Journal, the leading insight and data service for global infrastructure and project finance.
Nick Edwards, editor, Construction News, the leading read for professionals in the construction industry, will chair the Q&A.
Plus a member of the DeHavilland team, the leading provider of UK and EU political intelligence, will join the panel for the Q&A.

Programme
08.00 - 09.00 – Registration, breakfast and networking
09.00 – 09.30 – Allan Wilen, economics director, Glenigan
09.30 – 10.00 – Angus Leslie Melville, editor, Infrastructure Journal
10.00 – 10.30 – Q&A
10.30 – Close

Register now
To register simply email graham.newman@glenigan.emap.com or call 01202 435961.
Places are limited so register now for this free to attend event to avoid disappointment.

Further information
Contact Graham Newman on 01202 435961 or at graham.newman@glenigan.emap.com
For further venue details go to www.kingsplaceevents.co.uk

Allan Wilen Allan Wilén, economics director, Glenigan
Allan joined Glenigan to head the development of the new market intelligence service for Glenigan subscribers. Allan has over twenty years of experience analysing and forecasting the UK construction industry. He was previously Economics Director at the Construction Products Association and responsible for all economic aspects of the Association’s activities. This included briefing members, the media and Government on the commercial implications for the construction industry of the changing economic environment and the delivery of the Government’s expenditure plans. Allan was also responsible for developing the wide range of regular economic reports published by the Association, including its Construction Industry Forecasts, which provide members with timely and valuable market intelligence.

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