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22nd July 2013
June saw a small rise in the number of projects being placed on hold. Glenigan’s researchers identified 171 projects that had been placed on hold during the month, a 29% rise on a year ago. In addition, excluding schemes over £100 million, the value of work place on hold during the month was up by third on June 2012.
Whilst disappointing, the June data on its own does not mark a renewed deterioration in overall market prospects. Indeed the value of work being placed on hold remains on a downward, if volatile, trend as the graph below illustrates. Overall the number of projects placed on hold during the first six months of 2013 was just 1% up on the first half of last year, while the value of underlying projects placed on hold during the same period was 5% lower than a year ago.
There was a 20% rise in the value of education projects and a 6% increase in private housing projects being placed on hold during the first six months of the year. In contrast the value of office and industrial projects being placed on hold was half that of a year ago, while the value of retail and social housing schemes placed on hold dropped by 15% and 40% respectively.
However,the recent trend in civil engineering projects is less encouraging. Despite recent Government rhetoric and the promise of additional support for infrastructure investment, the value of civil engineering projects (excluding schemes over £100m) placed on hold during the first half of 2013 was nearly treble the level of a year ago, with infrastructure schemes in particular being subjected to delay.
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