January sees contract awards increase by 9.9% Growth - Barbour ABI

January sees contract awards increase by 9.9% Growth - Barbour ABI

Q Majorannouncements Constructionheadlines Detailedsectoranalysis Januaryseescontractawards increaseby9.9% READMORE Growthof18.5%forinfrastructure contractawardsforJanuary READMORE TheNorthWestdominatesthe hotel,leisure&sportsector READMORE Brought to you by... Hinderton Point, Lloyd Drive, Cheshire Oaks, Cheshire, CH65 9HQ T: 0151 353 3500 E: info@barbour-abi.com W: www.barbour-abi.com @BarbourABI FEBRUARY 2019 Residential Industrial Economic Context About Us Medical & Health The Construction Sector Hotel, Leisure & Sport Commercial & Retail Education Infrastructure 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

January sees contract awards increase by 9.9% Growth - Barbour ABI

A Specialistproviderof constructionintelligence Barbour ABI is a leading provider of construction intelligence services. With a team of in-house research specialists and a dedicated lead economist, it provides commercially relevant insight and unique analysis of trends and developments within the building and construction industry. Barbour ABI is the chosen provider of industry data and indicators for Government bodies including the Office for National Statistics and the UK Government’s Construction and Infrastructure Pipeline, which outlines future construction and infrastructure projects where public funding is agreed.

Barbour ABI also provides data for independent organisations, such as the Construction Products Association. Barbour ABI is part of global events-led marketing services and communications company, UBM.

Hinderton Point, Lloyd Drive, Cheshire Oaks, Cheshire, CH65 9HQ T: 0151 353 3500 E: info@barbour-abi.com W: www.barbour-abi.com @BarbourABI Jane Tarver Jane is a marketing and research professional who has worked in the B2B sector for over 25 years. She joined AMA Research in 1999 and has extensive research and analysis experience in a number of construction products areas. Jane has also been the lead writer and researcher on AMA’s quarterly construction forecasts bulletin since its inception over a decade ago and has been co-writer of the Economic & Construction Market Review since September 2017.

Bespoke Research & Intelligence Our experienced data team offers bespoke research and tailored analysis as well as providing consultations to understand your data needs. We work with customers to offer bespoke data reports using our extensive construction data. We can tailor this data to provide you with the exact information you need. To learn more about our bespoke research service, please contact us on 0151 353 3500 or alternatively please email us on info@barbour-abi.com. Market Insight Designed as the next level of analysis to our monthly Economic & Construction Market Review, this fully interactive quarterly tool allows you to compare sector and regional construction data easily and effectively.

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To learn more about Market Insight and to download your copy, click on the button below. Additionally, to register your interest in our bespoke construction intelligence and tailored analysis please select the tick box on the enquiry form. DOWNLOAD MARKET INSIGHT DOWNLOAD METHODOLOGY Chosen provider of Construction New Orders estimates to the ONS and communal dwellings data Partner of the Infrastructure and Projects Authority in providing the National Infrastructure and Construction Pipeline Hinderton Point, Lloyd Drive, Cheshire Oaks, Cheshire, CH65 9HQ T: 0151 353 3500 E: info@barbour-abi.com W: www.barbour-abi.com @BarbourABI FEBRUARY 2019 Residential Industrial Economic Context Medical & Health The Construction Sector Hotel, Leisure & Sport Commercial & Retail Education Infrastructure About Us 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

January sees contract awards increase by 9.9% Growth - Barbour ABI

E T... GDPgrowthslowssignificantlyinQ4 as2018reviseddownwardsto1.4% This follows more positive growth of 0.6% in Q3 but GDP growth slowed significantly in the final quarter of the year, with preliminary data for December indicating 0.4% fall (see fig. 1.1). Initial estimates also show that in December output for the construction, production and services sectors all fell giving further credence to the underlying slowing in the UK economy. Comparisons with Q4 2018 show that the UK economy has grown by just 1.3% and is the weakest rate since the 1.0% recorded in Q2 2012. The slowing of growth in Q4 has resulted in preliminary estimates for GDP growth for 2018 of 1.4% , the weakest rate of annual growth since 2009.

Further potential slowing of the UK economy has been apparent in February with UK vehicle manufacturing under considerable pressure and significant job losses in the retail sector underlining the weakened state of the UK business investment and consumer spending. Sector comparison The contribution to economic growth by the services and production industries also slowed in Q4. Overall growth for the output measure of GDP slowed to 0.2% in Q4. Following strong performance in Q2 & 3, services output growth reduced to 0.4% in Q4 and contributed 0.35 percentage points to GDP growth (see fi. 1.2).

This growth was centred on professional, technical and scientific services with other notable contributions derived from real estate services and social work activities. However, monthly analysis indicates that whilst services increased by 0.3% in both October and November 2018, this had fallen to a growth rate of – 0.2% in December. The main influence for negative growth in December was the wholesale and retail trade which were affected by reduced consumer spending and falling oil prices. Production growth fell by 1.1% in Q4 and contributed – 0.15 percentage points to GDP growth. Again, December proved to be a less positive month with – 0.5% growth compared to – 0.3% in both October and November 2018.

Manufacturing also had a negative Q4 with overall growth of – 0.9% but with varied monthly performance with October returning – 0.5% growth, November – 0.1% and December with – 0.9%. December’s growth figure was the sixth consecutive monthly fall for manufacturing with UK based vehicle production facing a more uncertain longer-term. Construction growth in Q4 was also negative with overall – 0.3% growth and contributing – 0.02 percentage points to GDP growth. The latest data on business investment indicates that in Q3 2018 business investment fell by 1.1% and followed falls of 0.4% in Q2 and 0.7% in Q1.

Key components of negative growth for Q3 were the transport and information and communication technology (ICT) and other machinery and equipment which made – 1.0 and – 0.9 percentage point contributions to business investment growth (see fig. 1.3). Comparisons with Q3 2017 show that business investment fell by 1.8% and is significant The latest economicoutput data from the Office for National Statistics reveals that in Q4 2018 UK economic growth slowed to 0.2%.

0.4% decreasein UKeconomy inQ42018 ECONOMIC CONTEXT 1.2 Sector comparison | Source: ONS Contribution to growth (%) Index of Production Index of Services Construction -0.20 -0.15 -0.10 -0.05 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 ECONOMIC CONTEXT 1.1 GDP growth | Source: ONS -6 -4 -2 2 4 GDP Growth quarter on previous year’s quarter (%) -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 GDP Growth quarter on quarter (%) 2016 2015 2014 2013 2012 2011 2010 2009 2017 2018 Hinderton Point, Lloyd Drive, Cheshire Oaks, Cheshire, CH65 9HQ T: 0151 353 3500 E: info@barbour-abi.com W: www.barbour-abi.com @BarbourABI FEBRUARY 2019 Residential Industrial About Us Medical & Health The Construction Sector Hotel, Leisure & Sport Commercial & Retail Education Infrastructure Economic Context 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

January sees contract awards increase by 9.9% Growth - Barbour ABI

ECONOMIC CONTEXT... GDP growth slows significantly in Q4 as 2018 revised downwards to 1.4% since this is the first time since Q4 2016 that business investment has been lower than in the same quarter of the previous year. Key contributions to this negative trend between Q3 2017 and Q3 2018 were transport equipment which contributed – 2.6 percentage points and ICT equipment and other machinery and equipment which contributed – 1.0 percentage points. Unemployment In the three months to November 2018, the labour market remained strong with the unemployment rate estimated at 4.0%, the lowest rate since the December 1974 to February 1975 Quarter.

For the three months ending November 2018 there were an estimated 32.53 million people in work which was 141,000 more than the previous three month period and also 328,000 more than for the September to November Quarter in 2017. The employment rate was estimated at 75.8% which compares to 75.3% in the comparable quarter in 2017. In addition, the economic inactivity rate was estimated at 21.0%, a decrease of 0.2% on a year earlier. There were an estimated 8.65 million people who were economically inactive in the three months to November, which was 100,000 fewer than for the June to August 2018 Quarter and also 86,000 fewer than for a year earlier.

Wage growth Wage growth was also positive in the three months to November with the ONS monthly survey showing 3.3% increase in total pay (nominal) compared with a year earlier, whilst wages that included bonuses grew by 3.4% compared to a year earlier (see fig. 1.4). In addition, latest estimates indicate that average weekly earnings for employees in real terms increased by 1.1%, whilst those including bonuses increased by 1.2% compared with a year earlier. In November 2018, average total pay in nominal terms was estimated at £527, which compares to £510 for November 2017.

Outlook In February 2019, the political and economic focus remains centred on Westminster as the Government attempts to get a revised Brexit treaty approved by Parliament in time for the formal exit of the UK in March.

The uncertainty regarding the future position of the UK outside the EU continues to act as a brake on investment decisions within a number of industry sectors as the spectre of the possibility of a “no deal” is being flagged up. The UK economic situation continues to weaken as preliminary growth rates of 1.4% for 2018 are lower than previously forecasts and weakening global demand, particularly from China and also the Eurozone continue to impact UK trade. On a more positive note the UK signed the first of the post-EU trade deals with Switzerland in early February which indicates that the two countries will continue to trade after Brexit as they did before.

Inflation (CPI) dipped to 1.8% in January 2019, mainly due to falling energy bills due to the imposition of an energy price cap by Ofgem introduced on 1st January 2019. In addition, falling fuel prices also meant that the inflation rate is now lower than the Bank of England’s inflation target of 2%. With average wages continuing to rise the lower level of inflation could provide some relief for consumer, however the extent to which this easing of pressure will translate into increased consumer spending remains uncertain. The vulnerability of UK based manufacturing has been put under the spotlight in recent weeks with automotive production in particularly affected by Nissan’s decision to move production of the new X-Trail model away from Sunderland.

In addition, JLR has announced 4,500 job cuts and Ford has also announced 1,000 jobs are to go from its Bridgend factory. Whilst the uncertainty of the Brexit process has been cited by the car markers as a key element, the global automotive sector is facing challenging conditions with the core consumer base for many companies now centred on Asia rather than Europe. In addition, the stricter regulations on diesel emissions and the advent of electric vehicles by 2040 has also been a key influence in the production rationalisation processes currently being undertaken by leading global automotive manufacturers.

The retail sector remains volatile with recently released figures showing significant job losses in Quarter 4 2018, but with leading high street retailer Debenhams announcing that it has secured funding arrangement to extend borrowing facilities as it continues to seek a refinancing deal.

ECONOMIC CONTEXT 1.4 Wage growth | Source: ONS Total pay (nominal) Total pay (real) % -7 -6 -5 -4 -3 -2 -1 month period (starting month shown) Mar 06 Sep 06 Mar 07 Sep 07 Mar 08 Sep 08 Mar 09 Sep 09 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 Sep 13 Mar 14 Sep 14 Mar 15 Sep 15 Mar 16 Sep 16 Mar 17 Sep 17 Mar 18 Sep 18 ECONOMIC CONTEXT 1.3 Business investment comparison | Source: ONS Growth (%) Other buildings and structures Transport equipment Intellectual property products ICT equipment and other machinery and equipment Business investment Most recent quarter on previous quarter Comparison between: Most recent quarter on same quarter a year earlier -3.0 -2.5 -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 Hinderton Point, Lloyd Drive, Cheshire Oaks, Cheshire, CH65 9HQ T: 0151 353 3500 E: info@barbour-abi.com W: www.barbour-abi.com @BarbourABI FEBRUARY 2019 Residential Industrial About Us Medical & Health The Construction Sector Hotel, Leisure & Sport Commercial & Retail Education Infrastructure Economic Context 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

January sees contract awards increase by 9.9% Growth - Barbour ABI
  • T Januaryseescontract awardsincreaseby9.9% % change Q3 to Q4 Q4 2017 to Q4 2018 Total All Work -0.3 0.9 All New Work 1.1 1.5
  • Public Housing 3.4 2.3
  • Private Housing 0.4 3.2
  • Infrastructure 1.9 9.1
  • Public (ex Infrastructure) 0.9 -2.2
  • Private Industrial -1.8 -3.3
  • Private Commercial 1.4 -3.6 Repairs & Maintenance -2.8 -0.1
  • Public Housing 1.8 0.7
  • Private Housing -4.0 -5.1
  • Non-Housing -2.9 3.6 The latest figures from ONS indicated that total construction output decreased by 2.8% in December 2018 compared with November. Whilst new work saw a decrease of 1.6% the RMI sector incurred a 5.0% decrease on November. The only 2 sub-sectors that saw output increase in December were public sector new housing with 10.9% increase and public sector non-housing with 4.5% increase.

Quarterly analysis indicates Q4 2018 saw RMI output decline of 2.8% on Q3, new work was positive with 1.1% increase. New work saw private housing output increase by 0.4% on November but public sector housing output increased by 3.4%. Public sector new work, infrastructure and private industrial experienced increases of 0.9%, 1.9% and 1.4% respectively, private industrial output reduced by 1.8%. RMI output was also negative with RMI housing decreasing by 2.6% and with a 2.9% decrease for non-housing RMI (see fig. 2.1). Whilst the downturn in December could have an element of seasonality contained within it, the lack of upturn in new orders for the majority of sectors throughout 2018 indicates that a rapid return to growth into H1 2019 remains unlikely.

The construction sector whilst enjoying some positives in 2018 has also been subject to a slowing of investment levels and business spending and a “wait and see” element with regard to some upgrades and major refurbishments. The slowing of the economy in H2 2018 has also led to construction industry forecasters carrying out downward revisions to output forecasts into the short-medium term. Whilst there is still hope that the Brexit deal is finally accepted resulting in a gradual controlled slowing of the construction sector rather than a sudden stop, the Construction Products Association (CPA) forecast total growth in the construction industry to be – 0.2% in 2018, down from 7.2% in 2017 as economic growth slows to levels below previous forecasts.

Lower growth of 0.3% is forecast for 2019 climbing to 1.6% increase for 2020.

However, the ongoing Brexit deal battle has also led to the CPA to produce an amended “No Deal” forecast scenario for the construction sector where a potential disruption to the supply chain, depreciation of Sterling and fall in GDP could lead to a worst case scenario where construction output decreases by 4.2% in 2019 with a further 2.0% decrease currently forecast for 2020 (see fig. 2.2). Construction Sector According to Barbour ABI data on all contract activity, the value of construction contract awarded in January 2019 was £5.5 billion based on a three month rolling average (see fig. 2.4).

This is 9.9% higher than New year heralds upturn in both value and number of construction contract awards, with London the leading region.

9.9% Increasein contractsfrom January2019 CONSTRUCTION SECTOR 2.1 Construction activity by sector | Source: ONS Total Output New Work Output Repair & Maintenance Output Growth Output Growth Output Growth 2016 151,771 4.1% 99,207 5.8% 52,564 0.9% 2017 162,701 7.2% 106,678 7.5% 56,023 6.6% 2018 (f) 162,376 -0.2% 105,778 -0.8% 56,598 1.0% 2019 (p) 162,871 0.3% 106,005 0.2% 56,866 0.5% 2020 (p) 165,470 1.6% 107,895 1.8% 57,575 1.2% CONSTRUCTION SECTOR 2.2 CPA forecasts | Source: Construction Products Association Many forecasters have tended towards the Brexit deal finally being accepted, resulting in a gradual controlled slowing of the construction sector rather than a sudden stop.

Hinderton Point, Lloyd Drive, Cheshire Oaks, Cheshire, CH65 9HQ T: 0151 353 3500 E: info@barbour-abi.com W: www.barbour-abi.com @BarbourABI FEBRUARY 2019 Residential Industrial Economic Context About Us Medical & Health Hotel, Leisure & Sport Commercial & Retail Education Infrastructure The Construction Sector 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

January sees contract awards increase by 9.9% Growth - Barbour ABI

CONSTRUCTION SECTOR... January sees contract awards increase by 9.9% December and follows a 7.6% increase on November 2018. On an annual comparison basis value of total contract awards in January 2019 is 2.5% higher than January 2018. Quarterly analysis indicates that in the three months to January 2019 total contract awards value was £15.1 billion which is 14% lower than the previous three month period. The number of contract awards increased by 103.7% in January and contrasts significantly with 48.7% decrease in contract numbers recorded in December 2018. As evidenced by the chart, contract awards values have been volatile in the last six months, reaching a peak in August 2018 followed by 46.8% decline to December and then significant upturn in January 2019.

The number of contract awards has also been volatile again peaking in August, reaching a low point of 457 in December and then increasing to 931 in January 2019. The outlook for the construction sector remains essentially positive but subdued with a planning pipeline set to provide good opportunities in the short-medium term but balanced by an economic situation that is not overly conducive to increased investment levels. Projects by Region The leading region for contract awards in January was London with a 22.5% share and was followed by the North West with 14.1% share and the South West with 10.9% share (see fig.

2.3). The largest contract award in January was the £400 million Paddington Cube development in London for 49,676 sq m of office and retail space. The second largest contract award was the Manchester Town Hall redevelopment project in the North West and the third largest was the Hinkley Point C Connection project in the South West.

Types of Project The residential sector was the largest in terms of contract awards in January 2019 with 28.2% share and was followed by infrastructure with 20.8% share and the commercial & retail sector with 20.2% share (see fig. 2.5). The largest residential contract award was the £95 million development by the University of Exeter at the East Park Campus for the provision of 1,182 student bedrooms in an 8 storey structure. In the infrastructure sector, the largest contract award was the Hinkley Point overhead powerline project valued at an estimated £214 million. The largest commercial & retail contract award was the £400 million Paddington Cube office project in London.

CONSTRUCTION SECTOR 2.4 Construction activity trends | Source: Barbour ABI 200 400 600 800 1000 1200 1400 Number of Contracts 1000 2000 3000 4000 5000 6000 7000 8000 Value (£ million) 2017 2018 ‘19 Rank Project Value (£m) Region Sector 1 Paddington Square – Paddington Cube 400 London Commercial & Retail 2 Manchester Town Hall redevelopment 330 North West Hotel, Leisure & Sport 3 Hinkley Point C Connection Project 214 South West Infrastructure 4 EarlsGateEnergyCentre– 21.5MWFacility 210 Scotland Infrastructure 5 Barking Riverside Railway extension 196.4 London Infrastructure 6 London Stansted Airport, Phase 2 – Arrivals Terminal 150 East of England Infrastructure 7 Great Yarmouth Third River Crossing 120 East of England Infrastructure 8 Bothwell Exchange, 177 Bothwell Street – 9 storey office building 120 Scotland Commercial & Retail 9 North Gildsersome – Industrial Park 100 Yorkshire & Humber Industrial 10 University of Exeter, East Park student accommodation 95 South West Residential CONSTRUCTION SECTOR 2.6 Top ten biggest projects by value | Source: Barbour ABI CONSTRUCTION SECTOR 2.3 Locations of contracts awarded Source: Barbour ABI CONSTRUCTION SECTOR 2.5 Type of projects | Source: Barbour ABI Residential Industrial Commercial & Retail Hotel, Leisure & Sport Medical & Health Education Infrastructure 20 21 12 2 28 10 % 7 9% 2% 9% 14% 3% 7% 3% 10% 11% 23% 9% East Midlands East of England London North East North West Scotland South East South West Wales West Midlands Yorkshire & Humber Hinderton Point, Lloyd Drive, Cheshire Oaks, Cheshire, CH65 9HQ T: 0151 353 3500 E: info@barbour-abi.com W: www.barbour-abi.com @BarbourABI FEBRUARY 2019 Residential Industrial Economic Context About Us Medical & Health Hotel, Leisure & Sport Commercial & Retail Education Infrastructure The Construction Sector 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

In January 2019, the value of residential contract awards was £1.5 billion based on a three month rolling average (see fig. 3.2). This was 0.8% lower than December 2018 and follows 5.7% decrease in November. For the three month period ending January 2019 the total value of contract awards was £4.5 billion which is 27.8% decrease on the previous quarter and also 12.2% lower than the three month period ending January 2018. Residential unit numbers decreased in January to 9,319 based on a three month rolling average. This is 1.8% lower than December and 37.9% lower than January 2018. Whilst the rate of decline for unit numbers has reduced in in the las 2 months, figures for January indicate that unit numbers have declined by 37.6% from the recent peak of 14,512 recorded in April 2018.

Subduedstartwitha declineof0.8%forJanuary Unit numbers continue to fall although rate of decline has slowed. London leads but regional spread is more evenly balanced in January. East Midlands East of England London North East North West Scotland South East South West Wales West Midlands Yorkshire & Humber 2000 4000 6000 8000 10000 12000 14000 16000 Residential units showing rolling 3 month average 500 1000 1500 2000 2500 3000 Value (£ million) showing rolling 3 month average 2017 2018 ‘19 RESIDENTIAL 3.2 Project value showing 3 month moving average RESIDENTIAL 3.1 Value of contracts by region Source: Barbour ABI 17.0% Londontops theregionsthis month 0.8% Decreaseon December2018 Source: Barbour ABI 5.8 17 3.8 11.6 5.2 11 11.2 4.7 2.8 11.2 15.5 % Hinderton Point, Lloyd Drive, Cheshire Oaks, Cheshire, CH65 9HQ T: 0151 353 3500 E: info@barbour-abi.com W: www.barbour-abi.com @BarbourABI FEBRUARY 2019 Industrial Economic Context About Us Medical & Health The Construction Sector Hotel, Leisure & Sport Commercial & Retail Education Infrastructure Residential 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

RESIDENTIAL... Subdued start with a decline of 0.8% for January Private Housing Housing Association Local Authority Sheltered Housing Hostels/Halls of Res./Barracks Elderly Persons/ Childrens Homes Arrows indicate change since January last year RESIDENTIAL 3.3 Type of projects awarded Source: Barbour ABI Top Ten CLIENTS, ARCHITECTS, CONTRACTORS & PROJECTS 2 0 0 14 84 % RESIDENTIAL 3.4 Change of activity by region (since Jan 2018) | Source: Barbour ABI +2.0% East Midlands +2.9% South East +8.8% East of England +4.5% South West -26.4% London +3.5% Wales +1.2% North East -4.8% West Midlands +1.1% North West +8.0% Yorkshire & Humber -0.7% Scotland IncreaseforEastofEngland comparedtolastyear +8.8% HOTTESTREGION House prices In January, the Halifax house price index showed 2.9% decrease on December which followed 2.5% increase between November and December 2018.

Annual house price growth slowed considerably in January to just 0.1% following 0.5% increase in the annual rate in December 2018. Average house prices continued the recent downward trend reducing to £211,966 in January compared to £212,281 in December and £214,044 in November 2018. Projects by region Analysis by region indicated that London had the largest share of residential contract awards in January with 17.0%, which is a decrease of 26.4% on January 2018 (see fig. 3.1 & 3.4). The largest residential contract award in the London region in January was the Ark Swift Primary Academy at Australia Road in Shepherds Bush.

The project was valued at £90 million and will see Bowmer & Kirkland Ltd provide a total of 132 residential apartments as well as space for a primary school, nursery and adult education facilities with project completion in Q1 2021. Bowmer & Kirkland were also awarded the £35 million contract for the redevelopment of Hammerson House Care Home in East Finchley. The project involves the demolition and rebuild of an existing care home to provide 116 individual rooms and well as associated medical, dining and treatment rooms. The East of England had the second largest share of contract awards this month with 15.5% which compares to just 6.8% in January 2018.

The largest residential contract award in the region in January was in the estimated £50.7 million Ascot Road development in Watford to provide a total of 485 new residential units in a 23 storey building. Due for completion in Q1 2021, the contract has been awarded to Henry Construction Projects Limited. In St Neots, the developer led Wintringham Park will see Cala Homes provide a total of 233 new residential units on a 162 hectare site. Valued at £22.2 million the project is due to be completed in May 2023. The North West accounted for the third largest share of contract awards in January at 11.6%, which is a marginal (1.1%) increase on January 2018.

The largest contract award in the region in January was the £45 million development at Winnick Street and John Street in Warrington. The project includes an 8 storey building which will provide a total of 362 new flats as well as a café and commercial unit on the ground floor. In Manchester, the £31.4 million Phase 2 of No 1 Castlefield will involve the provision of 422 flats and apartments in 5 structures with a total of 16 storeys. Awarded to De Trafford Estates Group this 24 month project is due for completion in June 2021. Type of projects The dominance of the residential sector by private housing has continued into January with 83.6% share of all residential contract awards, a decrease of 5.7% on January 2018.

The only other sector with any significant share was hostels, halls of residence and barracks with 13.6% share which represents an increase of 5.6% on January 2018 (see fig. 3.3). 5.7% Decreaseinprivate housingcontracts comparedto January2018 Hinderton Point, Lloyd Drive, Cheshire Oaks, Cheshire, CH65 9HQ T: 0151 353 3500 E: info@barbour-abi.com W: www.barbour-abi.com @BarbourABI FEBRUARY 2019 Industrial Economic Context About Us Medical & Health The Construction Sector Hotel, Leisure & Sport Commercial & Retail Education Infrastructure Residential 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

RESIDENTIAL... Subdued start with a decline of 0.8% for January TOP TEN Key Clients Feb 2018 – Jan 2019 TOP TEN Key Architects Feb 2018 – Jan 2019 TOP TEN Key Contractors Feb 2018 – Jan 2019 The ranking tables are compiled from Barbour ABI database and are based on the total value of contracts awarded over the previous 12 month period. The values represent the construction cost of each project. TOP TEN Projects Contract awarded January 2019 Rank Company Name Awards Value (£M) 1 Barratt Homes 114 2,421 2 Persimmon Homes Limited 105 1,567 3 Taylor Wimpey 97 1,520 4 Bellway Homes 84 1,244 5 Crest Nicholson Plc 33 678 6 Miller Homes 32 580 7 Bloor Homes 45 568 8 Redrow Homes Limited 38 562 9 Countryside Properties (UK) Limited 23 482 10 Galliford Try Construction 36 481 Rank PID Project Name Value (£M) Details 1 12244419 SOUTH WEST University of Exeter, East Park student accommodation 95 Date: Jan 2019 – TBC Funding: Public Contractor: Vinci Construction UK Limited 2 12333251 LONDON Australia Road White City 90 Date: Jan 2019 – Jan 2021 Funding: Mixed Contractor: Bowmer & Kirkland Limited Head Office 3 12254922 SOUTH EAST Kenavon Drive development 65 Date: Jul 2019 – Jan 2022 Funding: N/A Contractor: Berkeley Homes (Western) Limited 4 12262482 EAST OF ENGLAND Ascot Road, Watford – houses, retail & community centre 50.8 Date: Jan 2019 – Jan 2021 Funding: Private Contractor: Henry Construction Projects Limited 5 12317149 NORTH WEST Winwick Street, John Street – 362 flats, commercial unit & multi-storey car park 45 Date: Dec 2018 – May 2021 Funding: Private Contractor: Nobles Construction 6 12082087 NORTH EAST West Chirton Industrial Estate – 382 houses 38.2 Date: Jul 2019 – TBC Funding: Private Contractor: Miller Homes (North East) Limited 7 12013073 LONDON Hammerson House Care Home redevelopment 35 Date: Jan 2019 – Jan 2020 Funding: Private Contractor: Bowmer & Kirkland Limited Head Office 8 12407133 SOUTH EAST Chilmington Green, Ashford – Parcels B, C, J & K 34.6 Date: Jan 2018 – Jan 2023 Funding: Private Contractor: Hodson Developments Limited 9 12409120 WALES Mabey Bridge – 345 houses 34.5 Date: Jun 2019 – Jun 2023 Funding: Private Contractor: BDW Trading Limited (South Wales) 10 12242613 NORTH WEST No1 Castlefield, Phase 2 – 419 apartments 31.4 Date: Jun 2019 – Jun 2021 Funding: Private Contractor: De Trafford Estates Group Rank Company Name Awards Value (£M) 1 Persimmon Homes Limited 66 911 2 Barratt Homes 27 801 3 Sheppard Robson 9 498 4 Allies & Morrison Urban Practitioners 14 469 5 PRP Architects 21 449 6 Falconer Chester Hall Architects 12 416 7 Pegasus Planning Group 33 409 8 STEN Architecture 26 375 9 Tetlow King Planning 25 374 10 Taylor Wimpey 27 373 Rank Company Name Awards Value (£M) 1 Barratt Homes 116 2,459 2 Taylor Wimpey 99 1,585 3 Persimmon Homes Limited 104 1,562 4 Bellway Homes 86 1,279 5 Crest Nicholson Plc 32 659 6 Countryside Properties (UK) Limited 25 619 7 Galliford Try Construction 48 607 8 Kier Construction Limited-Building UK 44 596 9 Miller Homes 32 573 10 Bloor Homes 44 566 Hinderton Point, Lloyd Drive, Cheshire Oaks, Cheshire, CH65 9HQ T: 0151 353 3500 E: info@barbour-abi.com W: www.barbour-abi.com @BarbourABI FEBRUARY 2019 Industrial Economic Context About Us Medical & Health The Construction Sector Hotel, Leisure & Sport Commercial & Retail Education Infrastructure Residential 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

In January 2019, the value of infrastructure contract awards was £1.5 billion based on a three month rolling average (see fig. 4.2). This is 18.5% higher than December but 8.7% lower than January 2018. In the three months to January 2019 the total value of infrastructure contract awards was £3.6 billion, which is 3.2% higher than the previous quarter but 43.8% lower than the comparable quarter ending January 2018. Whilst the infrastructure sector remains open to considerable volatility in monthly contract awards values, the sector has remained relatively robust over the last 2 years with contract awards consistently above the £500 million threshold.

This indicates potential for good output growth for infrastructure into the medium-term.

I Growthof18.5%for contractawardsthismonth Energy provides impetus with Hinkley Point C providing the largest contract award. Value (£ million) showing rolling 3 month average 500 1000 1500 2000 2500 3000 3500 4000 2017 2018 ‘19 INFRASTRUCTURE 4.2 Project value showing 3 month moving average INFRASTRUCTURE 4.1 Value of contracts by region Source: Barbour ABI 18.5% Increaseon December2018 21.1% EastofEngland topstheregions thismonth Source: Barbour ABI 10.4 21.1 17.8 1.5 8 18.2 1.3 17.7 2 0.2 1.7 % East Midlands East of England London North East North West Scotland South East South West Wales West Midlands Yorkshire & Humber The sector continues to be relatively robust – contract awards remain above £500 million.

Hinderton Point, Lloyd Drive, Cheshire Oaks, Cheshire, CH65 9HQ T: 0151 353 3500 E: info@barbour-abi.com W: www.barbour-abi.com @BarbourABI FEBRUARY 2019 Residential Industrial Economic Context About Us Medical & Health The Construction Sector Hotel, Leisure & Sport Commercial & Retail Education Infrastructure 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

INFRASTRUCTURE... Growth of 18.5% for contract awards this month Top Ten CLIENTS, ARCHITECTS, CONTRACTORS & PROJECTS Transport Civic & Public Utilities Civil Engineering Miscellaneous Arrows indicate change since January last year INFRASTRUCTURE 4.3 Type of projects awarded Source: Barbour ABI 16 4 43 1 % INFRASTRUCTURE 4.4 Change of activity by region (since Jan 2018) | Source: Barbour ABI -0.7% East Midlands -7.4% South East +19.2% East of England +12.6% South West +16.4% London -0.2% Wales +1.3% North East -32.3% West Midlands -22.3% North West +9.2% Yorkshire & Humber +4.4% Scotland IncreaseforEastofEngland comparedtolastyear +19.2% HOTTESTREGION 36 3.3% Decreaseinutilities contractscompared toJanuary2018 Projects by region January witnessed a more even spread of contract awards in the UK regions with the East of England accounting for the largest share of awards with 21.1%, which compares to just 1.9% share in January 2018 (see fig.

4.1 & 4.4). The largest contract award in the region in January was the £150 million Phase 2 Arrivals Terminal at Stansted Airport. The project will involve a single 3 storey structure with a floor area of 34,384 sq m. This 14 month project is due to start in April 2019 and was awarded to Mace Limited Head Office. In Great Yarmouth, the BAM Nuttall Farrans Construction JV was awarded the £120 million project for the Third River Crossing. The project is due for completion in Q4 2022 and will involve the construction of a singe span bascule bridge. The region with the second largest share of contract awards was Scotland with 18.2%, an increase of 4.4% on January 2018.

The largest infrastructure award in Scotland in January was for the £210 million Earls Gate Energy Centre at Grangemouth. The project involves the replacement of a combined heat and power plant with capacity of 21.5MW with works due to start in Q1 2019. The successful contractor was CNIM who are based in France. In Aberdeen, Farrans (Construction) Limited have been awarded the £17.6 million contract for theA90/A96 Haudagain Improvement Project. This will involve construction of a new dual carriageway link road, trunk road improvements and new local roads. This 78 month project is due to be completed in July 2025.

Following closely behind Scotland were London with 17.8% share (1.4% in January 2018) and the South West with 17.7% share, an increase of 12.6% on January 2018. The largest contract award in London in January was the £196.3 million Barking Riverside Railway Extension. Awarded to the Morgan Sindall VolkerFitzpatrick Joint Venture, the project will involve the building a 4km rail extension, a new station at Barking Riverside and is due for completion in October 2021. The South West was the location of the largest overall infrastructure contract award in January which was the £214 million Hinkley Point C Connection Project.

This will involve construction of a 400,000 volt overhead power line linking Hinkley point with substations at Bridgwater and Avonmouth. The contract was awarded to Balfour Beatty Group Limited and has a completion date of February 2025. Type of projects Utilities accounted for the largest share of infrastructure contract awards in January with 43.2% share, a decrease of 3.3% compared to January 2018. This was followed by the civil engineering sub-sector with 35.3% which is a 0.9% decrease on January 2018. Transport accounted for 16.2% share of infrastructure contract awards which is an increase on 1.6% on January 2018 (see fig.

4.3). Hinderton Point, Lloyd Drive, Cheshire Oaks, Cheshire, CH65 9HQ T: 0151 353 3500 E: info@barbour-abi.com W: www.barbour-abi.com @BarbourABI FEBRUARY 2019 Residential Industrial Economic Context About Us Medical & Health The Construction Sector Hotel, Leisure & Sport Commercial & Retail Education Infrastructure 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

INFRASTRUCTURE... Growth of 18.5% for contract awards this month TOP TEN Key Clients Feb 2018 – Jan 2019 TOP TEN Key Architects Feb 2018 – Jan 2019 TOP TEN Key Contractors Feb 2018 – Jan 2019 The ranking tables are compiled from Barbour ABI database and are based on the total value of contracts awarded over the previous 12 month period. The values represent the construction cost of each project. TOP TEN Projects Contract awarded January 2019 Rank Company Name Awards Value (£M) 1 RWE NPower Plc 5 1,943 2 Moray Offshore Renewables 1 1,769 3 Repsol Nuevas Energías UK 1 1,769 4 Highways England 12 1,119 5 Network Rail Infrastructure Limited 60 902 6 Spalding Energy Expansion Limited 1 450 7 EDF Energy Customers Limited 1 350 8 Scottish & Southern Energy 1 350 9 Transport for London 3 301 10 Leeds City Council 7 219 Rank PID Project Name Value (£M) Details 1 11819248 SOUTH WEST Hinkley Point C Connection Project 214 Date: Feb 2019 – Feb 2025 Funding: Mixed Contractor: Balfour Beatty Group Limited Head Offic e 2 12215763 SCOTLAND Earls Gate Energy Centre – 21.5MW Facility 210 Date: Jan 2019 – Jan 2022 Funding: Private Contractor: CNIM 3 12142196 LONDON Barking Riverside Railway Extension 196.4 Date: Apr 2019 – Oct 2021 Funding: Private Contractor: Morgan Sindall VolkerFitzpatrick Joint Venture 4 12253933 EAST OF ENGLAND London Stansted Airport, Phase 2 – Arrivals Terminal 150 Date: Apr 2019 – Jun 2020 Funding: Private Contractor: Mace Limited Head Office 5 12282729 EAST OF ENGLAND Great Yarmouth Third River Crossing 120 Date: Oct 2020 – Oct 2022 Funding: Public Contractor: BAM Nuttall Farrans Construction JV 6 12153655 YORKS & HUMBER East Leeds Orbital Road Dual Carriageway 87 Date: Mar 2019 – Mar 2022 Funding: Mainly Public Contractor: Balfour Beatty Engineering Services Limited East Region 7 12213258 NORTH WEST Roosecote Power Station – 49MW Power Station 50 Date: Jan 2018 – Sep 2019 Funding: Private Contractor: Not Yet Named 8 12364866 LONDON Mogden Sewage Treatment Works Upgrade 31 Date: TBC Funding: Private Contractor: Costain Group Plc Head Office 9 12285974 YORKS & HUMBER Yorkshire Water Services – Sewage & Sludge Treatment Project, Saltend 30 Date: Dec 2018 – Aug 2020 Funding: Private Contractor: J Murphy & Sons Limited (Head Offic e) 10 12375300 NORTH WEST Noriker Power – 49MW Battery Storage and 16MW Gas Generation Facility 18 Date: May 2019 – Nov 2019 Funding: Private Contractor: Metka EGN Projects Limited Rank Company Name Awards Value (£M) 1 Scottish & Southern Energy 1 350 2 Pascall & Watson Architects 6 218 3 Arup 3 136 4 Mouchel Group 3 100 5 WSP Parsons Brinckerhoff 7 72 6 Sir Robert McAlpine Limited 2 61 7 Jacobs U.K.

Limited 1 60 8 Taylor Design Limited 9 49 9 Aecom 4 46 10 Extraspace Solutions 1 45 Rank Company Name Awards Value (£M) 1 Balfour Beatty Group Limited 31 1,021 2 Kier Construction Limited-Building UK 15 411 3 Galliford Try/ Costain JV 1 349 4 BAM Nuttall/ Morgan Sindall JV (BMJV) 2 348 5 VolkerFitzpatrick Limited 16 256 6 CNIM 2 217 7 Morgan Sindall VolkerFitzpatrick Joint Venture 1 196 8 Costain Group Plc 3 191 9 BAM Nuttall 12 164 10 Mace Limited 2 153 Hinderton Point, Lloyd Drive, Cheshire Oaks, Cheshire, CH65 9HQ T: 0151 353 3500 E: info@barbour-abi.com W: www.barbour-abi.com @BarbourABI FEBRUARY 2019 Residential Industrial Economic Context About Us Medical & Health The Construction Sector Hotel, Leisure & Sport Commercial & Retail Education Infrastructure 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

The value of commercial & retail contract awards in January 2019 was £957 million based on a three month rolling average (see fig. 5.2). This is a 40.4% increase on December and is also 107.1% higher than January 2018. For the three month period ending January 2019 total commercial & retail contract awards were valued at £2.3 billion which is an 8.1% increase on the previous quarter and 80.4% higher than the comparable quarter ending January 2018. Office contract awards have been the main driver for the upturn in contract awards values January 2019 accounting for 9 out of the top 10 awards and with combined value of £821 million.

TA I L ... Positivityremainsas contractawardsincrease Offices take dominant share of contract awards with London the hottest region.

Commercial & retail contract awards were 8.1% higher than the previous quarter, in the three months ending January 2019. Value (£ million) showing rolling 3 month average 100 200 300 400 500 600 700 800 900 1000 2017 2018 ‘19 COMMERCIAL & RETAIL 5.2 Project value showing 3 month moving average COMMERCIAL & RETAIL 5.1 Value of contracts by region Source: Barbour ABI 49.7% Londontopsthe regionsthismonth Source: Barbour ABI 13.5 49.7 1 4.8 11 8.2 4.4 1.3 2.6 2.3 1.2 % East Midlands East of England London North East North West Scotland South East South West Wales West Midlands Yorkshire & Humber 40.4% Increaseon December2018 Hinderton Point, Lloyd Drive, Cheshire Oaks, Cheshire, CH65 9HQ T: 0151 353 3500 E: info@barbour-abi.com W: www.barbour-abi.com @BarbourABI FEBRUARY 2019 Residential Industrial Economic Context About Us Medical & Health The Construction Sector Hotel, Leisure & Sport Education Infrastructure Commercial & Retail 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

COMMERCIAL & RETAIL... Positivity remains as contract awards increase Offices Shopping Centres Food Retailing General Retailing Retail Warehouse & Garden Centres Arrows indicate change since January last year Top Ten CLIENTS, ARCHITECTS, CONTRACTORS & PROJECTS COMMERCIAL & RETAIL 5.3 Type of projects awarded Source: Barbour ABI 7 2 6 1 84 % COMMERCIAL & RETAIL 5.4 Change of activity by region (since Jan 2018) | Source: Barbour ABI +11.4% East Midlands -0.3% South East -2.1% East of England +3.5% South West -16.7% London +1.3% Wales -1.3% North East +0.3% West Midlands -4.9% North West +0.8% Yorkshire & Humber +8.1% Scotland IncreaseforEastMidlands comparedtolastyear +11.4% HOTTESTREGION 1.7% Increasein officecontracts comparedto January2018 Projects by region The region with the largest share of commercial & retail contract awards in January was London with 49.7% share, which is a decrease of 16.7% on January 2018 (see fig.

5.1 & 5.4). In the London region the largest contract award was the £400 million Paddington Cube which was awarded to Mace Limited Head Office. The development will see 49,676 sq m of office space over 3 structures as well as retail space, with café, bars and restaurants as well as a new public square and has an estimated completion date of April 2022. The Kings Cross Development was another key contract for the London area in January and was valued at £60 million. The project will see Kier Construction – Major Projects deliver a 12 storey building to provide a total of 19,706 sq m of office space as well as a 600 seat theatre and retail space and is due for completion in Q2 2012.

The dominant position held by London means that other regions had much smaller share with the East Midlands holding second place with 13.5% which compares to just 2.1% share in January 2018. Nottingham was the location for the largest contract award in January which was the £86 million Phase 1 of the Intu Broadmarsh Shopping Centre. The contract will involve a new shopping centre with a total floor area of 22,622 sq m over 6 storeys and as well as retail space will also provide, restaurants, bars and a pedestrian bridge. The second largest contract award for the region was also in Nottingham and was the £60 million Phase 1 of the Unity Square project.

The successful contractor was Bowmer & Kirkland Head Office who will build a 10 storey structure with 36,519 sq m of office space with additional facilities including café, conference facilities, external terracing and kitchens with the project due for completion in March 2021. The only other region with significant share of commercial & retail contract awards in January was Scotland with 11.0%, an increase of 8.1% on January 2018. The Bothwell Exchange at Bothwell Street in Glasgow was a key contract award in January. The project will see a new 9 storey office building with ground floor retail and leisure units with HF Developments having been appointed as management contractor.

The Crown Street Retail Park was another contract award in Glasgow in January. The £10 million project sees Heron Brothers as the main contractor with Gregg & Patterson (Engineers) Limited appointed as the frame sub-contractor. This mixed development project will include a garden centre as well as restaurants and a café and is due for completion in January 2020.

Type of projects Office contract awards continue to dominate the sector with 84.5% share in January 2019, an improvement of 1.7% on January 2018. The remaining sectors therefore have much smaller share with shopping centres having 7.4% in January 2019, compared to 3.1% in January 2018 whilst general retailing accounted for 6.0% share , a decrease of 1.3% on the comparable month in 2018 (see fig. 5.3). Hinderton Point, Lloyd Drive, Cheshire Oaks, Cheshire, CH65 9HQ T: 0151 353 3500 E: info@barbour-abi.com W: www.barbour-abi.com @BarbourABI FEBRUARY 2019 Residential Industrial Economic Context About Us Medical & Health The Construction Sector Hotel, Leisure & Sport Education Infrastructure Commercial & Retail 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

COMMERCIAL & RETAIL... Positivity remains as contract awards increase TOP TEN Key Clients Feb 2018 – Jan 2019 TOP TEN Key Architects Feb 2018 – Jan 2019 TOP TEN Key Contractors Feb 2018 – Jan 2019 The ranking tables are compiled from Barbour ABI database and are based on the total value of contracts awarded over the previous 12 month period. The values represent the construction cost of each project. TOP TEN Projects Contract awarded January 2019 Rank Company Name Awards Value (£M) 1 Houses of Parliament 1 650 2 Canary Wharf Group PLC 4 513 3 Sellar Property Group 1 400 4 Crossrail Limited 2 350 5 MEC London Property 2 LP 1 300 6 King's Cross Central General Partner Limited 3 291 7 Derwent London 2 260 8 British Land Corporation Plc 4 199 9 Lidl UK GMBH 51 191 10 Helical Plc 3 188 Rank PID Project Name Value (£M) Details 1 11903194 LONDON Paddington Square – Paddington Cube 400 Date: Apr 2019 – Apr 2022 Funding: Private Contractor: Mace Limited Head Office 2 11612931 SCOTLAND Bothwell Exchange, 177 Bothwell Street – 9 storey office building 120 Date: Jan 2019 – Jul 2020 Funding: Private Contractor: HF Developments 3 11843279 EAST MIDLANDS Intu Broadmarsh – Shopping Centre – Phase 1 86 Date: Jan 2019 – Jan 2021 Funding: Private Contractor: Sir Robert McAlpine 4 12398447 EAST MIDLANDS Unity Square, Nottingham – Phase 1 60 Date: Mar 2019 – Mar 2021 Funding: Private Contractor: Bowmer & Kirkland Limited Head Office 5 12368671 LONDON Kings Cross Development – P2 Building 60 Date: Nov 2018 – Apr 2021 Funding: Private Contractor: Kier Construction – Major Projects 6 12205607 SOUTH EAST 400 Longwater Avenue, Green Park – offices and car park 60 Date: Apr 2019 – Dec 2020 Funding: N/A Contractor: McLaughlin & Harvey Construction Limited 7 12297290 LONDON Stephenson House – office, retail, flats & cafe 45 Date: Nov 2018 – Nov 2020 Funding: Private Contractor: 8 Build 8 12253476 SOUTH WEST Assembly Building – office development 45 Date: Feb 2019 – Feb 2021 Funding: Private Contractor: Galliford Try Construction South West 9 12367953 NORTH WEST Three New Bailey – office block 35 Date: Jan 2019 – Jan 2021 Funding: Private Contractor: Bowmer & Kirkland Limited 10 11925568 LONDON Soho Place, Site B – offices and theatre 30 Date: Jan 2019 – Sep 2021 Funding: Private Contractor: Laing O'Rourke Head Office Rank Company Name Awards Value (£M) 1 Adamson Associates (International) Limited 3 870 2 BDP 6 694 3 Allford Hall Monaghan Morris 7 435 4 Wilkinson Eyre Architects 2 400 5 Renzo Piano Building Workshop S.r.l 1 400 6 Kohn Pedersen Fox (International) PA 1 400 7 Sheppard Robson 8 314 8 Bennetts Associates Architects 3 213 9 All Clear Designs Limited 2 201 10 Arup 2 198 Rank Company Name Awards Value (£M) 1 Wates Construction Limited 7 744 2 Mace Limited 6 675 3 Canary Wharf Group PLC 3 510 4 Lendlease Construction (EMEA) Limited 3 373 5 BAM Construction 7 361 6 Sir Robert McAlpine Limited 8 263 7 Laing O'Rourke 2 260 8 Kier Construction Limited-Building UK 14 222 9 Lendlease Limited 2 197 10 McLaughlin & Harvey Construction Limited 5 193 Hinderton Point, Lloyd Drive, Cheshire Oaks, Cheshire, CH65 9HQ T: 0151 353 3500 E: info@barbour-abi.com W: www.barbour-abi.com @BarbourABI FEBRUARY 2019 Residential Industrial Economic Context About Us Medical & Health The Construction Sector Hotel, Leisure & Sport Education Infrastructure Commercial & Retail 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

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