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Housing work powers industry to 0.8% growth in the third quarter of 2014


Productivity in the construction industry grew 0.8% in the third quarter of this year. It can be compared with the second quarter, figures divulged by the Office for National Statistics.

 

The figures show the industry knowledgeable its third successive quarter of quarter-on-quarter growth and that this was at its uppermost level since the third quarter of 2011.

 

The growth was constant with the wider economy across which GDP grew 0.7% in Q3. The figures show construction production rose 2.9% year-on-year in Q3, the sixth successive quarter of year-on-year growth. New housing work, which was at its peak monthly level in September since 2010, remained the driving force at the back growth in the industry. New public housing work grew 5.7% in Q3, compared to Q2, and new private sector housing grew 4.9%. However, new commercial work turning down 3.1% in Q3.

 

There has been lots of talk about a slowing housing market but output in Q3 was still 4.9% higher than in Q2, which is still buoyant as house builders continue to take advantage of UK economic growth and Help to Buy.

 

Industrial output was 1.7% higher than in Q2 and 21.7% higher than a year earlier, which was also good growth as the recovering UK economy and a lack of existing floor space buoys warehouses construction.

 

However, he said it was “disappointing” that public non-housing output fell 1.2% in Q3 and was 7.4% lower than a year ago. It is not a surprise. Government capital investment hit the nadir in 2013/14 and although it is starting to rise, it will be 2015 before we see the benefits of this.

 

UK Construction News

Reference: www.building.co.uk

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