finance

New forecasting tool identifies £8.5 billion of construction contracts following its launch



A new online forecasting tool has been launched to help support jobs and investments within the construction sector – identifying £8.5bn worth of constructions contracts.

The construction pipeline forecast tool was developed by infrastructure body the Scottish Futures Trust in partnership with the public sector and representatives from the construction industry.

The interactive tool has been created in response to the Construction Industry Recovery Plan published in October 2020 by the Scottish Construction Leadership Forum.

With a current value of just under £8.5bn, the construction pipeline forecast tool has details of more than 1,150 future public sector infrastructure projects.

It covers many sectors including education, health, housing and flood prevention.

Approximately 60% of the 1,150 project opportunities are below £2m in value.

It will continue to grow as additional contracting authorities join the system going forward and will be updated every six months.

By providing greater transparency on future workload, the pipeline is hoped to help businesses plan better and maintain their investment in skills and future training needs.

The pipeline also seeks to provide a longer-term view on forecast investment and identifies construction projects up to 2028, with the majority of the forecast spend occurring before 2025.

The types of construction projects include new build, refurbishments, maintenance works as well as road infrastructure.

The construction pipeline forecast tool allows the user to explore data held using various criteria that includes the chosen procurement route, the procuring authority, contract value and sector.

Peter Reekie, chief executive of the Scottish Futures Trust and chair of the executive group of the Scottish Construction Leadership Forum said: “Providing businesses working in the construction sector with this detailed information creates greater confidence through improved project transparency. As a result, it will allow businesses to invest correctly and recruit accordingly, as well as build stronger partnerships within supply chains.”

See also  Covid: Chaotic start for travellers' Covid testing system

Ivan McKee, Minister for Business, Trade, Tourism and Enterprise, said: “This is a crucial time for business, trade and investment in Scotland and we are pushing forward with an ambitious agenda of recovery and economic transformation.

“By working together and galvanising the expertise and ingenuity of the construction industry, we can enhance Scotland’s economic potential and deliver greater, greener and fairer prosperity.”

Don’t miss the latest headlines with our twice-daily newsletter – sign up here for free .



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.  Learn more