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CHAPTER 1 Introduction to UK construction industry

Construction Insurance and UK Construction Contracts

Page 1 CHAPTER 1 Introduction to UK construction industry General 1.1 In 2014, the construction industry in the United Kingdom contributed £103 billion to economic output, 6.5% of the total gross value added of the economy. 1 This represents a rise of 9.5% in real terms on 2013: the largest increase since at least 1990. In the same period, construction accounted for 2.1 million jobs or 6.3% of all jobs. There can be no doubt as to the continued and growing importance of the construction industry to the UK economy. Outside these shores, the standard form JCT, NEC3 and FIDIC contracts remain the contracts of choice, often being subject to the laws of England and Wales. Contractors based in the United Kingdom undertake projects across the world: it is not possible to determine with any accuracy the contribution to the global economy, but it is clear that the contribution is both substantial and significant.

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