LIVERPOOL MANCHESTER STUDENT ALL PROPERTIES

The Northern Powerhouse Strategy is a bold and ambitious plan to address the imbalance between the economies of the North and those of the South. The North has been historically neglected, with London focused policies, infrastructure and industries leaving it at an unfair disadvantage. To address these systematic issues a proactive and multi-city approach was necessary. Championed by many industry and government leaders, The Northern Powerhouse plan is delivering substantial investment, regeneration and infrastructure. This, in turn, is boosting Northern Powerhouse construction far above the national average.

The North West’s Role in the Northern Powerhouse

The North West has remained a vital region in the Northern Powerhouse. The cities of Manchester and Liverpool have been crucial in delivering new opportunities. Currently, they are both valuable hotspots for the construction industry and the Northern Powerhouse plan. The North West region has been leading the way in several areas, from regeneration to football results, to construction levels. A rapid process of renewal and North West investment has created a need for more construction than ever before. Vast infrastructure projects like HS2 and new residential developments like One Baltic Square are providing construction contracts and jobs across the region.

Manchester in the Northern Powerhouse Construction Boom

Record Levels of Construction

Construction in the North West 2018 is ten times higher than the national average, leaving the previously dominant southern regions behind. Recent figures from the Office of National Statistics have highlighted the North West’s tremendous construction boom. Overall construction output in the area was up by 15% – this is ten times the national average. Output has remained a challenge in the UK, with levels lacking in previous years. The recession hit the UK hard, and the construction industry has taken a long time to recover. Output was one of the most affected factors and measures like apprenticeships and incentives have been implemented to tackle this. Recent construction news North West have boosted the Northern Powerhouse plan, showing that coordinated efforts have a huge impact.

Ambitious North West Construction Plans

These new statistics show that the North West is surging forward and setting standards that the rest of the country can aim for. The total value of construction in the North West in the last three months was over £4.6 billion. This is an impressive increase of £600 million compared to the same months last year. Ambitious regeneration projects have been central to the success of the North West’s construction industry. Projects like Wirral Waters, MediaCityUK and Liverpool One have all been significant catalysts. New developments are going up in areas that are benefiting from regeneration and turning once neglected areas into thriving communities. Construction in Northern Powerhouse regeneration zones like Salford, The Baltic Triangle and the Wirral are providing unique opportunities to invest.

The minister for the Northern Powerhouse, MP Jake Berry, has been a strong advocate for the strategy too. Commenting on the new figures, he said “It’s wonderful to see how the Northern Powerhouse is driving investment in the North West and helping grow the construction industry to the tune of more than £600m.

“Anyone visiting the North West can see the huge number of construction projects underway, and these figures show just how valuable they are. This construction boom is helping build new homes, new infrastructure and a stronger economy in the region.”

Jake Berry Constrcution Boom and the Northern Powerhouse quote

Residential Construction Rising

The UK has suffered from a historic lack of housing. Furthermore, the North West region has previously been lacking in high-quality rental accommodation. An increasing population, more people living alone, and a sluggish construction industry have all contributed. The market has continually struggled with a lack of supply and an incredibly high demand for places to live. The recent rise in construction has started to address this, with new home construction on the rise too. Compared to the same quarter in 2017, new housing construction in the North West came to a value of £386 million.  These figures show positive steps to address the UK housing crisis, especially in the Northern Powerhouse.

Northern Powerhouse investment in residential accommodation received a further boost from the government. In February 2018, they announced £8.9 million funding across the Northern Powerhouse to transform unusable land for housing developments. This funding should allow around 2,241 new homes to be built, adding to the record construction figures in the region.

Investment Opportunities in the Northern Powerhouse

The Northern Powerhouse has continued to grow, build and change, with increased levels of investment boosting the region’s economy. There are still numerous opportunities to invest in the Northern Powerhouse. More residential property is crucial to provide homes for the area’s growing workforce. New developments are playing a fundamental role in providing new housing, granting investors lucrative opportunities. Increased investment and construction has continuously attracted big businesses to the region. This has been providing more jobs and encouraging more people to move to the North West. Increased output, investment and dedicated efforts to address the issues of the past have proven the region’s potential.  The latest figures from the Office of National Statistics show that if other regions wish to replicate the success of the Northern Powerhouse, they will need to increase their construction output tenfold.

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