House building plunges again

There has been a sharp drop in the underlying value of private housing project starts in the first quarter of 2011. Glenigan, the construction data service, recorded a 61 per cent year-on-year fall in the underlying value of new starts in the three months to March.

The weak first quarter of 2011, in line with other survey data, is in sharp contrast to the strong rebound experienced a year ago in the run-up to the general election. The underlying value of civil engineering project starts fell by 16 per cent.