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Economy

• The South East economy is forecast to grow at an annual average rate of 2.9% between 2008 and 2012. Growth is expected to be fastest in private services, with financial and business services, and transport and communications leading the way.
• The financial and business services sector accounted for nearly 30% of the regional economy, a larger proportion than found nationally.
• The South East economy was worth £156bn in 2006, equivalent to approximately 15% of the UK total.

Output

• Worth £11.7bn in 2006, in 2000 prices, construction in the South East accounts for around 14% of the UK total.
• In line with the national average, output is forecast to grow at an annual average rate of 1.7% in the South East.
• With the £1bn M25 Private Finance Initiative (PFI) project scheduled to get underway in 2009 and the £425m improvement programme at Reading station the outlook for infrastructure is buoyant.

Employment

• Total construction employment of 324,190 in 2006 in the South East is forecast to rise to 346,690 in 2008 and 368,270 in 2012.
• To meet this demand, after taking into account those entering and leaving the industry, 13,140 new workers will be required to join the industry each year.
• Construction professionals and technical staff, wood trades and interior fit-out and electrical trades and installation are expected to have the largest annual requirements.

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