Construction R&D rises to record high due to MMC interest
The construction industry has increased its research and development (R&D) spending to a record high, partly to more interest in developing Modern Methods of Construction (MMC) according to Catax.
The industry raised its R&D spending to £351m, according ONS data.
An analysis by Catax found the total amount spent on R&D by businesses in the construction sector rose by 9.7% year-on-year.
Mark Tighe, chief executive of Catax, said: “The construction industry is a huge employer in this country but contributes a relatively small amount to the UK total of R&D spending.
“However, the sector is experiencing some interesting changes, not least the rapid growth of offsite construction methods.
“This is likely to be a contributing factor behind this large jump in overall R&D spending last year.
“More broadly, this is the second full year that Brexit Britain has shrugged off the political poison after the EU referendum and posted great gains in terms of R&D investment, running head and shoulders above the long-term average.
“For the first time in history a quarter of a million people nationwide are engaged full-time in keeping the UK at the cutting edge. This is going to make a huge difference to Britain’s prospects outside the EU.
“The rate at which UK businesses are adding R&D staff to the workforce remains impressive, virtually matching the previous year with a rise of 7.3%.”