Construction output suffers a fall despite homebuilding surge
The office for National Statistics said construction output failed to improve despite a homebuilding surge
Friday 11 October 2013
A housebuilding surge failed to offset a
summer blip for the wider building sector as industry output slipped back
marginally, official figures showed today.
The Office for National Statistics said construction output, which accounts for 6.3% of the overall economy, edged 0.1% lower during August, although the previous month’s advance was revised up to a 2.8% rise.
August’s reverse came as a 1.6% jump in private sector housebuilding — fuelled by easing mortgage conditions and the Government’s Help to Buy scheme — was offset by lower levels of infrastructure and maintenance work, contradicting stronger survey evidence.
But despite the volatile monthly figures, construction output remains 4% ahead of a year earlier and the sector has chalked up three months in a row of annual growth for the first time in more than two years.
The industry remains nearly 15% below its pre-recession peak but the recent advance is being fuelled by private housebuilding — up 18.1% year on year and growing at the fastest annual pace since June 2011. Construction is likely to bolster buoyant growth figures for the July to September quarter due in a fortnight.
Martin Beck, UK economist with Capital Economics, said: “New construction orders were up 33% year on year in the second quarter. So although a small sector, the strength of the rebound means it may play a major role in the recovery.”
- 1 BBC election debate: The one photo that summed up the whole 90-minute leaders debate
- 2 18th century sex toy found in 'toilet of sword fighting school' in Poland
- 3 'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
- 4 Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
- 5 Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
General Election 2015: David Cameron catching up in polls – but he badly needs a clear lead
South Africa xenophobic attacks: Shops looted and violence on streets of Johannesburg as foreigners are forced to hide in police stations
Earthworms rain down from skies over Norway, puzzling scientists
18th century sex toy found in 'toilet of sword fighting school' in Poland
'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
General Election 2015: Polish prince challenges Nigel Farage to a duel over immigration question
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...