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.

Please rate

Comments 

Name
Email
  Ctrl + Enter

Most Read

Caledonia Water bags infrastructure contract with Scottish Water

Caledonia Water bags infrastructure contract with Scottish Water

Caledonia Water Alliance – a Morrison Utility Services and AECOM joint venture – has landed a six-year extension on its water infrastructure contract with Scottish Water Following confirmation of the new agreements, from 2021-2027 Caledonia Water Alliance (CWA)

Skanska bags £135m revamp of Canary Wharf’s first office

Skanska bags £135m revamp of Canary Wharf’s first office

Skanska has won the contract to deliver the main structural revamp of Canary Wharf’s first major office at 30 South Colonnade in London Docklands.The major office deal is its second to be signed off this week after confirming an £83m contract with Royal London Asset Management to build

MWH Treatment secures key role on Scottish Water framework

MWH Treatment secures key role on Scottish Water framework

MWH Treatment (MWHT), together with partner Galliford Try, has successfully secured a six-year contract extension on Scottish Water's non-infrastructure framework for the Strategic Review 2021-27 (SR21) investment programme. MWHT, a sector leading solution provider operating across the UK water

This website uses cookies to enhance your user experience. By continuing to use this site, you consent to our use of these cookies. See our Cookie Policy.