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 Games of Thrones actor Lena Headey makes emotional promise to her unborn daughter
- 2 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
- 3 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
- 4 Female Muay Thai champion hustles coaches to give them a beating
- 5 16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Purity balls: Girls in the US making virginity pledges as fathers vow to 'protect purity'
Female Muay Thai champion hustles coaches to give them a beating
Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£35 - 40k + Benefits: Guru Careers: We are seeking a Software Developer (JavaS...
£18000 - £23000 per annum + Commission: SThree: As a Trainee Recruitment Consu...