Recently reported figures suggest British universities are investing in construction more than ever before. With universities aiming to make use of new technologies and interesting architecture to lure top students to their institutions, investment is up over 43% during the last few months. The Higher Education Funding Council for England (HEFCE), which is in charge of managing the finances of the sector, believes that spending between 2014-15 and 2017-18 will exceed £17 billion, making it 60% more than the previous four-year period. This makes the coming years a potential boom period for Specialists who work in the sector.Michael Dall, lead economist at Barbour ABI, stated: “Since the change in the tuition fee regime universities have focused on improving campus facilities in the increasingly competitive market of attracting prospective students. This has involved using increased student fees and debt markets to invest heavily in construction projects.”
Over the past six months, contracts totalling £1.5 billion have been awarded, five of which are believed to exceed £50 million in value, with estimates stating that a further £2 billion in spending is likely between 2017 and 2020 as universities across the country engage in enlargement programs in an effort to attract more students.
While it should be noted that this spending, and the relevant forecasts, all predate the UK’s decision to leave the European Union, which brings with it a concern that there will be a loss of European funding, it doesn’t appear as though this will have an enormous effect on the drive to make improvements.
Here at C-Link, we are delighted to see that more areas of the industry are booming, even in the wake of the Brexit decision. Out procurement platform is here to help make Construction processes more efficient and you can sign up to our platform today to find out about the many benefits that it can offer you.
If you would like to find out more, head to www.c-link.com to gain a better understanding of what we do.
C-Link – Focusing on Construction Growth
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