The latest Economic and Construction Market Review from construction intelligence service Barbour ABI indicates a promising increase in the number of contracts awarded in January 2018.

The value of new contracts awarded in the first month of the year reached £5.4bn (based on a three-month rolling average), 11.6% higher than December 2017, again showing promising growth. The number of construction projects awarded also rose at the start of 2018, with a 46.6% increase on the previous month.

On a region-by-region basis, Barbour ABI’s data shows that London took the lion’s share of contract award value, making up 32% of the UK total, with the North West and Scotland a distant second and third at 13% and 11% respectively. Projects such as the £800m Spire London residential development at West India Quay and the £95m Telford Home project in Walthamstow contributed to the capital’s substantial lead.

As suggested above by both of London’s leading projects, residential projects accounted for the highest share of contract awards values in January 2018, with a 47% share. Infrastructure was just behind at 14%, and commercial and retail made up 13%, with notable infrastructure projects including the £200m Midland Metro extension and a £100m biomethane plant at Blackburn Waste Water Treatment Works.

While an influx of new projects and a rise in contract awards is always an exciting time for contractors, it’s essential to properly manage new work and ensure even multiple new projects are completed on time and on budget. The right construction accounting software can help every step of the way; for example, Telford Homes, mentioned above, utilise Eque2’s Housebuilding software to stay on track and manage residential projects.

Both Eque2’s Construct and EVision accounting software packages offer a range of ways for small- to medium-size construction businesses, and larger enterprise contractors to manage projects more effectively and efficiently, saving time and money.

EVision allows you to take full control of your business’ processes, from finance to operations, and with real-time visibility of company performance and statistics you can make better-informed decisions, utilising accurate, up-to-date information across the business accessed from one solution.

Construct, as well as offering unique integration with Sage accounts, further helps to reduce process duplication, streamlining data entry and putting an end to your company’s reliance on slow, complicated manual spreadsheets.

However you work and however many projects you’re juggling, construction accounting software ensures you can easily stay abreast of multiple complex projects, saving you time and boosting your profits, whilst giving the edge on your competitors.