Trio of construction giants endure good start to 2011

Wasn’t the construction industry supposed to be in tatters? Apparently not, as new results indicate that this is not the case with the whole industry.

After last month’s GDP figures showed that the construction industry was dragging the rest of the UK economy down, three of the big UK construction companies announce healthy profits, at the same time as office construction in London increases by 137 PER CENT.

Construction giants Galliford Try, Costain and Morgan Sindall have all announced positive results so far for 2011 and are predicting strong forecasts for 2011, despite all the uncertainty with the economy and the challenging financial times.

Galliford Try have already secured 72% of next year’s construction revenue, Costain have confirmed that they have a “robust” order book with £2.3 billion worth of orders and Morgan Sindall say that their performance this year is in line with their expectations.

Galliford Try’s CEO Greg Fitzgerald confirmed his company’s strong performance this year, saying in a statement:

“The housing market has exceeded our expectations throughout the spring selling season and we have continued to benefit from the strong southern bias of our expansion plan.”

Of course, this is only talking about the big construction companies, and a number of smaller ones have struggled or gone bust so far this year due to the tough economic times. But the fact that the big companies are thriving show that the construction industry is not lost and, crucially, they are still managing to win big contracts and create new jobs.

In a further boost for the construction industry in the UK, a new survey by crane drivers Jonas Deloitte has revealed that office construction in London has increased by 137% in the last six months.

The research revealed that 6.4 million sq ft of office space is being built in the capital, compared to just 2.7 million sq ft six months ago. 25 new schemes have started in London in the last six months, as the construction industry is performing strong, despite GDP reports saying the contrary.

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