16th July 2014
£6 billion of government funding set to benefit regions’ construction firms
The government has announced 39 Growth Deals worth a total of £6 billion. The first wave of such Growth Deals, the funding will be spread throughout the UK’s regions and used for infrastructure, construction and a variety of other projects.
While the construction industry has only recently recovered from the losses sustained during the recession, the recovery has been far from homogenous. The biggest gains have been in London and the southeast, while the north still suffers. These Growth Deals should help to rejuvenate the construction sector in many of the regions, leading to brighter prospects for construction companies operating in these areas.
Greater Manchester will receive £170 million of funding, the northeast will receive £112 million, Lancashire £84 million while another £84 million will go to the southeast, and finally the west of England will receive £79 million. The funds will be controlled by local enterprise partnerships, which comprise local authorities and businesses. Take a look at this map of local enterprise partnerships to find which covers your region.
The funding is likely to present construction companies big and small with direct opportunities to pursue new work. In addition, there are likely to be indirect benefits for construction companies in these regions, as new areas prosper as a result of the investment and the demand for new houses, offices and infrastructure takes off. Construction accounting software can help your company to determine the profitability of various jobs, identify problem cost areas and increase your takings. Will you take advantage of the opportunities that this £6 billion of funding presents to your region?
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