Data from market analyst Barbour ABI found that there were £6.1bn worth of new contracts signed in May, a rise of 7.9% from the same month last year, with residential deals accounting for 25% of this.

There was also a yearly rise in the number of new contracts awarded in May, up 10%, although there was a a monthly fall of 10% from April.

Michael Dall, lead economist at Barbour ABI, said: “With May figures hovering around the £6bn mark, similar to the previous two months, this indicates a stable construction market that is looking towards the long term, with little sign of worry from today’s EU referendum vote.”

However, he said that if a Brexit does take place, it is likely to cause a “significant change in outlook” at least in the short term with the likelihood of a reduction in activity.