Construction orders turn upwards again
Wednesday 20 April 1994
New orders totalled pounds 2,184m in February at 1990 prices and adjusting for normal seasonal influences. With the exception of December this was the highest figure since the end of the recession. Orders for housing and infrastructure work fell in February, but public and commercial orders rose sharply.
New construction orders in the three months to February were 14 per cent up on the previous three months and more than 30 per cent on the same period last year.
The figures provide further evidence that the economic recovery has built up momentum before this year's tax increases bite. But some doubt about the strength of recovery on the high street was cast by downward revisions to growth figures for the narrow money supply measure M0 - cash plus bankers' balances at the Bank of England.
M0 grew by 5.6 per cent in the year to March, according to the Bank. This compared with an earlier estimate of 5.8 per cent. The annual growth rate over the past three months was revised down from 7.1 to 5.3 per cent.
The figures had little impact on the financial markets, where there was some half-hearted speculation on an early interest rate cut. The FT-SE index of 100 leading London shares fell 10.2 points to 3,128.
Most construction firms surveyed by the Building Employers Confederation reported output unchanged in the past three months from the previous quarter. Sir Brian Hill, president, said 'only a limited improvement' was likely this year. 'It will be some time before we regain our potential to generate significant numbers of new jobs.'
- 1 Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
- 2 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 3 Dad attempts revenge on teenage daughter, plan backfires spectacularly
- 4 Ball pool for adults opens in London
- 5 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
Isis 'throw man off a building for homosexual affair' and beat him to death when he survives
Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
Boris Johnson claims porn-obsessed Islamic jihadists are 'literally w*****s'
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...