The government has pledged to spend £725 billion in 10 years to boost infrastructure.
As part of this commitment £39 billion is going towards affordable housing, as the newly announced National Housing Bank will be capitalised with £16 billion, on top of £6billion of existing finance.
Some £9bn per year will also be spent per year on schools, hospitals, courts and prisons.
Justin Young, chief executive of RICS, said: “The 10-year infrastructure strategy announced by the UK government is a timely announcement on the back of the new National Housing Bank announced earlier this week.
“If we are to meet the 1.5 million housebuilding target the government set last year, we need the critical infrastructure – the roads, schools, hospitals and other social service buildings that go with it.
“It is not enough to just build homes – we must build communities with them, and this starts with a clear, joined-up infrastructure strategy that incorporates long-term thinking and vision.
“This new strategy sets the country on a considerably clearer path and represents a significant shift in how the government approaches infrastructure and industrial capacity. Importantly, it seeks to unlock development across the country while promoting sustainability and energy efficiency.
“Ongoing skills and labour shortages stifle construction projects and investment in skills for new professionals and upskilling for industry veterans is another promising development.
“Confidence is critical for the construction industry, and this strategy sets a powerful message of intent to meet the challenges of the next 10 years.”
The government said it has accepted all of the James Stewart Review’s recommendations on HS2 when drawing up its investment plan, while it accused the previous administration of “years of underinvestment” on public services.
Caroline Compton-James, deputy chief executive at SCAPE, said: “The government’s 10-year infrastructure strategy is a significant and welcome commitment to long-term and actionable investment in the UK’s built environment.
“It addresses the need for a more consistent, efficient and collaborative procurement process to boost investment in skills, strengthen supply chains and create high-quality jobs in the communities that need them most.”
Darren Zitren, head of infrastructure at Cluttons, said: “The government has recognised the critical role of digital infrastructure – the masts and cables needed to provide fixed-line and mobile connections – plays in delivering the services we all rely on, and its role in increasing productivity, which will boost economic growth.
“In order to reinvigorate the UK economy, we need to stay one step ahead of the curve in terms of technological advances, and ensure we are globally competitive.
“Currently the UK sits outside the top 40 countries for broadband and mobile download speeds in international rankings, but if today’s announcements are implemented quickly the UK could start to climb these charts.”
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