Finance

R&D spending on construction reaches record high

By 2022-07-05T07:51:00

Construction development

Source: Shutterstock/ Piyapong Wongkam

Research and development spending in the construction sector surged by 20% on an annual basis to a record high in the first quarter of 2022, analysis of the latest ONS data by tax specialist Catax shows.

The construction industry spent £138m on R&D during the first three months of this year, up 20% from £115m recorded in the same quarter of 2021. R&D spending on a quarterly basis also climbed by 14.1% from £121m.

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