Recent research conducted by Mace reveals export potential of £11.5 billion for the British construction sector.
The report suggests that by raising the share of construction services' exports from 0.4% to just 1%, UK firms could unlock this substantial export opportunity and create approximately 142,000 jobs nationwide.
Titled "Global Britain – the built environment as a growth export", the report which is part of the Insight series from Mace highlights the scope of projects open to construction, engineering, and design companies for enhance global project delivery, boosting UK exports, and spurring job creation.
Over the past three years, the UK has experienced a notable increase in construction services exports, rising from £3 billion to £4.6 billion, marking a growth rate of 53%.
Mace's estimations indicate that with further enhancements, the export value of the construction sector could expand to £11.5 billion, generating significant employment opportunities.
The report emphasises the "delivery partner" model, an integrated and collaborative approach to project execution that has proven successful in delivering complex projects worldwide, including the London 2012 Olympic and Paralympic Games, Dubai Expo 2020, and a multi-billion-pound recovery program in Peru.
To support the UK's ambitions for global growth, the report makes several recommendations for joint action between the government and the construction sector.
These include incentivising exports through export tax credits, prioritizing construction services in trade agreements, negotiating mutual recognition of engineering and design qualifications, seeking more Government-to-Government infrastructure contracts, and bolstering funding for UK Export Finance to support British companies participating in international projects.
Jason Millett, CEO for Consult at Mace, highlights the global reputation of the UK's construction sector, and says collaborative efforts between the government, industry, and international partners can lead to the creation of numerous high-paying export jobs and the successful delivery of essential infrastructure programs.
A notable feature of the report is the introduction of the 'Construction Partner Index,' a ranking of 78 countries, indicating potential export opportunities in countries with strong growth potential, accessible construction markets, and compatible legal and governance systems.
The Index reveals promising prospects not only in major economies like India and China but also in the Middle East, Asia, and Western Europe.
The rankings also demonstrate countries that have shown considerable improvement in favorability for UK construction exports, including the UAE, Bangladesh, the Philippines, and Argentina.
'Top 20' countries in the Mace Construction Partner Index
