Featured Region: Wales

The value of project starts rose by 20% in Wales in 2012, and this has fed into strong levels of overall workloads in 2013 according to ONS statistics. However while output has been rising, the flow of new starts fell back sharply in 2013, pointing to an upcoming decline as ongoing projects reach completion. However the latest two quarters have been more positive, with a return to growth in the value of new projects starting on site.

The view of forward indicators is mixed. 2013 saw healthy improvements in the value of approvals, however this has not translated into improvements in contracts being awarded for projects. The underlying value of awards fell in the first quarter of 2014; the fourth consecutive quarter of decline.

The Help to Buy initiative was only introduced by the Welsh Assembly in January 2014, and we anticipate this will boost private housing starts in the principality. Over the year to Q1 2014 Wales saw the slowest house price growth of any part of the UK, according to Nationwide statistics.

Wales consists of the following Counties: Clwyd, Dyfed, Gwent, Gwynedd, Mid Glamorgan, Powys, South Glamorgan, West Glamorgan.