Output increase gives industry ‘much-needed boost’

Construction-generic.jpg

Clement weather helped the construction industry to grow in May, reversing a three-month decline.

Construction output jumped by 1.9 per cent, outpacing growth of 0.4 per cent across the whole UK economy, according to the Office for National Statistics (ONS).

Output still slowed overall by 0.7 per cent in the three months to the end of May, reflecting dips of 1.1 per cent in April and 0.4 per cent in March. However, activity was up slightly on a year ago, growing by 0.8 per cent across the period.

Anecdotal evidence from ONS surveys suggested warmer weather contributed to the uptick, as the Met Office reported the warmest May on record. Previous months saw heavy rainfall scupper productivity.

Eight out of nine sectors tracked by the ONS reported growth. The housing sector led the charge, with a 7 per cent increase in new public housing and a 2.1 per cent boost to private housing. Infrastructure output also picked up, growing by 3.5 per cent.

Scott Motley, head of programme, project and cost management at Aecom, said the output increase would give the construction sector a “much-needed boost”.

He said: “Confidence will also be buoyed following the general election result and the clarity and stability that Labour’s parliamentary majority provides for the nation’s future direction.

“Ambitious manifesto pledges combined with action in the first few days of the administration suggest infrastructure will be a clear priority.”

Fraser Johns, finance director at Beard Construction, agreed that the sector should be encouraged by the data.

He said: “With the election now settled, the hope is we can all pick back up and continue to build momentum during the second half of the year.

“As we see borrowing conditions improve, with a potential base rate cut in the near future, this will certainly enable more clients to push ahead with plans.”

Clive Docwra, managing director of property and construction at consultancy McBains, warned that it is not yet clear whether the upturn indicates a recovery.

He said: “Despite these returns, the sector still needs a shot in the arm, and developers will hope Labour’s announcement this week to get the country building translates into renewed confidence from investors, both in housing and commercial projects.

“Every sector within the industry will also be crossing their fingers for a period of economic stability to help construction across the board get back on track.”

Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here

Related Posts
Blockchain Land Registry: The New Kid on the Block thumbnail

Blockchain Land Registry: The New Kid on the Block

Across the globe, blockchain land registry programs are in the works. The transparent nature of this technology makes it the perfect fit for use in public records systems. Today, you see a growing number of governments seeking to integrate blockchain into their land registry protocols. Integration makes sense when you consider that blockchain is more…
Read More
Ibovespa futuro opera em alta, em mais um dia de avanço das commodities thumbnail

Ibovespa futuro opera em alta, em mais um dia de avanço das commodities

O Ibovespa futuro abriu em alta no pregão desta quarta-feira (19), avançando 0,56%, aos 108.090 pontos, por volta das 9h20 (horário de Brasília). O índice brasileiro continua a ser impulsionado pelas commodities, após ter fechado em alta nesta terça-feira, enquanto as bolsas americanas e europeias registraram quedas consideráveis.O preço da tonelada do minério de ferro…
Read More
Graham starts on Edinburgh student digs thumbnail

Graham starts on Edinburgh student digs

The 149-bed contract for Glencairn Properties involves the development studios and cluster flats. Other features include multi-use common areas, laundry facilities, cycle-storage, underground bin facilities, a gym and a community room. Graham is managing the design and build of the scheme, which occupies a corner plot on Montrose Terrace and West Norton Place and is…
Read More
GameStop is also entering the NFT business thumbnail

GameStop is also entering the NFT business

בעולם מניית רשת משחקי המחשב נוסקת ביותר מ-22% במסחר המוקדם בוול סטריט, בעקבות דיווח כי החברה מתכננת להשיק שוק לאסימונים דיגיטליים ייחודיים הינך עוקב בהצלחה אחרי בלומברג. ניתן לראות עדכונים על כתבות חדשות בעמוד הארץ שלי סניף של גיימסטופבלומברג גיימסטופ מתכננת להשיק שוק לאסימונים דיגיטליים ייחודיים (NFT) של משחקי מחשב עד סוף השנה. הדיווח, שפורסם…
Read More
България единствена в ЕС бележи ръст в продажбите на дизелови коли thumbnail

България единствена в ЕС бележи ръст в продажбите на дизелови коли

Противно на общата тенденция в Европейския съюз, единствено България отчита ръст в продажбата на дизелови автомобили през 2021 г. Страната ни, заедно с Хърватия, Кипър, Гърция и Словения, e сред малкото държави в Блока, в които растат и продажбите на бензинови коли през изминалата година, сочат последните данни на Асоциацията на европейските автомобилостроители (ACEA). Продажбите…
Read More
Index Of News