Following Friday's result that Scotland has voted to remain part of the UK for the foreseeable future, a number of industry experts have commented on how the result could affect the Scottish construction sector.
The vote was confirmed early on Friday morning, with 55% against independence from the UK.
Last week, Barbour ABI, construction information specialists, warned that up to £7bn of planned projects were at risk, if Scotland voted to break away from the UK. Now, however, construction projects are predicted to increase, and many experts have commented on what the 'No' vote means for the industry.
David Melhuish, Director of the Scottish Property Federation, commented: "The uncertainty over Scotland's constitutional future is now settled and it is important that political certainty is now regained if market confidence is to be secured in the commercial property sector.
"Certainty on the content and substance of the UK political parties' proposals to enhance the powers of Holyrood and a commitment by the Scottish Government to work constructively with this process is vital if we are to ensure normal business and investment activity in the wake of the uncertainties expressed during the referendum campaign."
While Walter Boettcher, Director of Research and Forecasting with Colliers International, commercial real estate services, said: "Irrespective of personal views and sentiments, it is certain that uncertainty has been lifted for businesses on both sides of the border. While the 'No' vote suggests that little has changed, in reality we may be seeing the beginnings of a fundamental shift UK-wide between Local Governments and Central Government.
"The referendum has highlighted how a new balance of local and central powers and decision making must evolve to accommodate local aspirations and perceptions of economic opportunity. Regions must have the power to determine their own economic strategies and exploit what they see as their own competitive advantages.
"From a narrow business perspective, economic and financial confidence has perhaps regained its balance and this will drive higher levels of activity as pent up demand and projects shelved temporarily will be dusted off and pushed through. Certainly property sector leasing and investment transactions both north and south of the border will see a decisive boost.
"From a broader strategic business perspective, given international appetite for infrastructural development by sovereign wealth funds in a very low interest rate environment, the opportunity for commercial real estate investment and development is staggering and may sustain activity levels well beyond the normal limits of traditional property cycles."
(JP)
Construction News
19/09/2014
Industry Experts Share Views Following IndyRef Vote

15/04/2025
Construction of a £70 million student accommodation development at 292-298 St Vincent Street in Glasgow has reached a significant milestone, with the building now visibly rising from the ground.
Drone footage has captured the progress of the project, which is a partnership between developer Artisa

15/04/2025
Energy regulator Ofgem is expected to confirm today (April 15) its finalised Connections Reform process, designed to expedite grid connections for renewable energy projects that are ready and crucial for achieving the UK's clean power targets for 2030 and beyond.
The new connections system, anticip

15/04/2025
The ambitious transformation of Glasgow’s landmark George Square has moved into a tangible phase with the commencement of the erection of hoardings around the perimeter of the civic space. Starting today, the hoardings will enclose the Square for the duration of its 18-month redevelopment.
The pane

15/04/2025
Members of the public are invited to attend a consultation feedback event to discuss the proposed infrastructure associated with a new underground electricity transmission cable between the Kinardochy and Errochty substations in Perthshire.
The event will take place on Monday, 28 April, from 4 pm t

15/04/2025
Turner & Townsend have been appointed as project managers to develop a business case for the potential extension of the Borders Railway beyond its current terminus at Tweedbank to Hawick and Carlisle.
This key appointment will enable crucial work to progress on the project, including feasibility s

15/04/2025
Arran Community Renewables, a Community Benefit Society based on the Isle of Arran, has secured planning consent for a 6 MW solar farm. The Glenkiln Solar Farm, located approximately 1km west of Lamlash, is projected to generate 5,600MWh of clean renewable energy annually from 2027.
The £5 million

15/04/2025
A new Route Map has been published by the Scottish Land Commission (SLC) to ensure communities across Scotland secure tangible and long-lasting benefits from nature restoration projects and investment in the country's natural environment.
The practical guide is designed for landowners, developers,

15/04/2025
Award-winning principal contractor Procast Group has further expanded its presence across Scotland with the opening of a new base in Dumfries. The Hamilton-based firm has invested £30,000 in a new warehouse and office facility in the Maxwelltown Industrial Estate in Dumfries and Galloway, marking it

14/04/2025
Glasgow City Council's Affordable Housing Supply Programme (AHSP) facilitated the completion of over 1,000 new affordable homes in the city during the past year, despite facing budgetary reductions at the start of the financial year.
The initial grant of £78.687 million from the Scottish Government

14/04/2025
A key phase of Scottish Water's £11.5 million project to upgrade a strategic rising sewer main connecting Renfrew and Glasgow is set to begin, resulting in a significant road closure.
From Monday, 28 April 2025, Ferry Road in Renfrew will be closed to all vehicular traffic for a period of four mont