22 Apr 2014
Leisure development activity soars to 11-year high
BY Jak Phillips
The UK’s economic recovery has received a welcome shot in the arm from the leisure industry, with development activity in the retail and leisure sector reaching a record high, according to new data.
The latest research from property agent Savills found that 32 per cent of respondents to its monthly survey reported a rise in retail and leisure activity in March, the sector’s highest score since 2003.
Developers are also optimistic that there is more development to come, with 30 per cent saying they expect growth over the next three months. This compares to the net balance for 35 per cent of respondents who said the same thing in February.
The survey breaks the UK down into three regions (London, the South East and the rest of the UK), with the trio all reporting a growth in activity in March – continuing a trend that has been unbroken for the past 19 months.
Another recent report noted that the UK leisure industry was one of the most resilient during the recent recession, with spending on recreational and cultural services rising by 0.2 per cent per annum, while total household spending contracted yearly by 0.2 per cent.
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