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Powerhouses poised to drive output

Construction output is forecast to grow 4.7 per cent in 2014 and a further 4.8 per cent in 2015, providing the industry with an extra £11bn of work.

Before we get too excited, major contractors are still working on some contracts won 18 to 24 months ago but face rising costs of labour and materials, so margins are still difficult outside of housing.

However, it is still considerable growth, pointing towards a positive future for the industry.

Output is expected to rise 22.2 per cent over the next five years spread across housing, commercial and infrastructure. The focus is obviously on London, but activity is also spreading to other parts of the country.

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Noble Francis is economics director at the Construction Products Association

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