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Scotland set for construction sector investment

Scotland set for construction sector investment
The Scottish construction sector is set for a significant boost after plans for a programme of capital projects gained approval from the country's government.

Finance secretary John Swinney explained that Scotland will benefit from substantial investment over the coming years and that a host of new jobs will be created once the initiative comes into force in 2013/14.

Mr Swinney said that the country will receive a £205 million package to help boost various construction and maintenance projects with some earmarked for 2013. It represents Scotland's ambitions for sustained growth over the years ahead and to help significantly improve a host of its major attractions.

Glasgow has already got underway in terms of providing more amenities for the population, as well as trying to attract more businesses and commerce to the city.

As part of a £50 million funding package provided by Scottish Partnership for Regeneration in Urban Centres (SPRUCE) Fund there will be the creation of new retail and office space. This will provide the second city with the potential to create 1,200 new jobs for the sector, both for the construction phase and when the structures are completed.

In terms of the £205 million package from the Scottish government it will be broken down into a number of different areas and will also create 2,000 new positions within the industry.

Mr Swinney explained that the bulk of the funding (£50 million) will go towards housing, while transport and regeneration projects will receive £22 million and local governments will also be given £46 million to support capital developments. Aspects such as health maintenance and economic projects were also involved in the plans.

"I welcome the fact that, after four years, the UK government has now listened and made £394 million additional capital available up to 2014-15, reducing the cut to Scotland capital budget to 26 per cent. This is partly undermined, however, by a reduction in our resource budget, giving us a net gain of £330 million in total," the finance secretary added.

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Date: 20/12/2012 16:28:00

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