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

 FirstGroup to launch budget London to Edinburgh rail service

FirstGroup to launch budget London to Edinburgh rail service

FirstGroup is to launch a budget direct London-Edinburgh rail service next month, which it hopes will lure air passengers to the train as a cheaper and greener alternative.   The new service, branded Lumo, will have just one single class of travel and the company hopes it will carry more than

One year on: HS2 reaches 20,000 jobs landmark

One year on: HS2 reaches 20,000 jobs landmark

Companies right across the country are now forming part of HS2’s ever-growing supply chain. Contracts have already been awarded to over 2,200 businesses, 97% of which are UK-based.   HS2’s jobs boost is also benefitting those in need, with bespoke initiatives designed to

Record infrastructure pipeline investment to support future workforce

Record infrastructure pipeline investment to support future workforce

This infrastructure pipeline includes the projected future workforce demand based on planned investment in projects and programmes. The Infrastructure and Projects Authority (IPA) estimates that in the four-year period up to 2024/25, over 425,000 individuals will be needed on an average

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.