Wales is just one of the areas in the UK where construction activity and funding is helping to secure a number of jobs in the industry. In the principality, construction job numbers have more than doubled in the last year. According to data from CareerStructure.com, this rise is a huge 124 per cent when comparing May 2012 to May 2013. This has been boosted by a recent announcement that the Welsh Government has set up a new fund to help smaller scale building projects.
The Wales Property Development Fund has a total of £10 million in available financing for Welsh construction businesses. It has been suggested that the scheme alone will help the creation of 310 direct and indirect jobs in construction and will safeguard 250 others.
It is not the only example of help that the Welsh Government has provided to the industry, with a recent report from the principality’s leaders detailing how the Government has provided a huge £1.3 billion in funding for infrastructure projects in the last 12 months. What’s more, a finance initiative has been outlined which will see an increase in capital investment between 2012-13 and 2018-19 to around £900 million. This includes £170 million worth of investment for road projects, £300 million to complete the dualling of the A465 by 2020, £100 million investment for housing projects through the Welsh Housing Projects, and a further £100 million to finance social housing. Finally, £200 million will be invested into the 21st Century Schools Programme.
The principality has also called for a devolving of stamp duty, in order to encourage further construction activity and to benefit the Welsh housing market, which is likely to strengthen job prospects in Wales further.
With more good news on the cards, Wales is also in line for a major construction project from Hirwaun Power Ltd, which will see the development of a £200 million power station.
These are all positive steps towards strengthening the industry and stimulating jobs – which along with the Chancellor’s announcement of further UK capital investment in 15/16 ensures the entire industry is in a position to deliver growth and improve job prospects in the future.