Reaction to ONS construction year-end figures
The Office of National Statistics has released its latest statistics for the construction industry to year-end 2016.
Figures show that the value of new construction in Great Britain continued to rise in 2016, reaching its highest level on record at £99,266M, with continued growth in the private sector driving new projects and revenue.
The steady rise in the value of construction new orders seen since 2011 has continued, owing to the increase in all other work in 2016.
Overall, the ONS has stated that 2016 was a positive year for the construction industry, and while potential risks lie in confidence in the UK economy post-Brexit, this can be mitigated through government support and investment.
Peter Vinden, Managing Director of the Vinden Partnership, said: “Construction is a resilient industry, despite being influenced by a wide variety of factors, such as fluctuations in GDP, interest rates and material costs. The industry will always experience fluctuations due to outside influences and it is promising that through such a turbulent economical and political year, that construction has not only held its position, but improved upon it.”
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