Tottenham Hotspur and Wimbledon contracts boost building sector
Major stadia contracts involving Tottenham Hotspur and Wimbledon have given the hotel, leisure and sports building sector a huge boost.
Construction contracts totalling £875 million were announced in November, according to the latest Economic & Construction Market Review from industry analyst Barbour ABI, representing the largest total value recorded in 2015.
In contrast, no stadia projects were commissioned in November 2014, with the latest figures thought to highlight a change in direction moving into 2016.
‘Turning a corner’
Tottenham Hotspur are planning to spend £400m on a new 61,000-seater stadium to replace their current White Hart Lane ground, with the football club aiming to complete the project in 2018.
The All England Lawn and Tennis Club, home of the Wimbledon Championships, also announced a £150m redevelopment of their famous No. 1 court in November, including plans for a new retractable roof.
Together, those projects helped arenas and stadia combine for the highest proportion of contract values in the sector for the month, accounting for 63% of the total.
Michael Dall, lead economist at Barbour ABI, believes the multi-million pound stadia contracts secured in November this year are a sign of things to come.
“The hotel, leisure and sport sector has had a subdued year in 2015 after a strong finish to 2014,” he says.
“However, the sector seems to have turned a corner in November, thanks significantly to major stadia projects, with even more looking likely to be confirmed over the coming months.”
January 4, 2016 | Share: