Market contracts but trading still high
The latest release from Office for National Statistics (ONS) shows that the construction market has contracted once more in the three months to July.
This is the fourth three-on-three month consecutive fall, and although this may raise eyebrows, it is worth remembering that figures are still trading 21% over the lowest figures from 2013.
Figures for the three months to July, released by the ONS this week, show that the construction market has contracted by 1.2%. Construction output also fell month-on-month, falling by 0.9% in July 2017, predominantly driven by a 1.4% fall in all new work.
Trends show that the biggest declines were shown in the repair and maintenance arenas, with a 1.8% drop, and new work dropping to one per cent.
Peter Vinden, Managing Director of the Vinden Partnership has reacted to the figures with cautious optimism: “Although the latest ONS figures show a continued drop in output, we must remember that it is still trading 21% above the lowest points in 2013, and construction is proving to be a resilient sector.
“However, the most concern should be reserved for house building, where, despite the government push to address the looming housing crisis, figures have once again dropped, with private housing falling by £95M.
“Social housing is growing, contributing some £18M to industry output and this area will only continue to strengthen.”
“The boat may have been rocked by political uncertainty and economic forecasting, but construction is a resilient sector, and we can expect it to recover with government support and investment.”
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