Construction industry set for £150m boost

Construction industry set for £150m boost

The construction industry is due to be given a huge lift by funding to the tune of £150 million, which the government has announced it will invest over the course of the next five years.

Westminster has confirmed the huge sum will be pumped into construction in a bid to reduce the time it takes to build certain developments, improve the quality of work and make all new buildings more efficient.

Some £60 million of the money will be invested through the Technology Strategy Board (TSB) and will be used to design and develop more energy efficient buildings. A further £60 million will be created in industry investment, while £30 million will come from the government and other agencies.

Business secretary Vince Cable said: "Investing in energy efficient construction projects is important to help industry and government achieve our aims of reducing greenhouse gas emissions by 50 per cent by 2025. I therefore warmly welcome the TSB's investment of £60 million in energy efficient technology alongside the private sector."

He added the UK's construction sector supports around three million jobs and contributes around £90 billion to the country's economy, making it one of the most crucial markets of all. However, Britain remains well placed to utilise all of the latest and emerging technologies designed to enhance energy efficiency.

The £150 million boost to the construction industry comes after a sum of £83 million has already been invested in the last five years. This money has been used to develop low-carbon buildings, helping homeowners and businesses to save cash.

David Bott, direction of innovation programmes at the TSB, said incredible results have been achieved in the reduction of carbon footprints in recent years, both for building new homes and refurbishing existing ones.

The government is aiming to reduce its greenhouse gas emissions by 80 per cent by 2050 and this calls for major advances. Mr Bott noted that many firms seem to have grasped the challenge with both hands.

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