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Today the Office of National Statistics (ONS) released the latest statistics on output in the construction industry.
The figures reveal that:
- The total volume of construction output in Q3 rose by 4.0% on the previous quarter and 8.6% on the same period a year earlier.
- All new work rose by 4.8% on the previous quarter and 20.5% on the same period a year earlier, whilst repair and maintenance increased by 2.4% on the previous quarter and decreased by 9.6% on the same period in 2009”
Whilst the construction sector is still outperforming other areas of the economy, it was also revealed that the data for Q2 has been revised downwards. Given the contribution the construction sector made to the rate of GDP growth in Q2 (1.2%), the ONS estimates that this would result in the rate of GDP growth being revised down to 1.0%.
This figure will not be confirmed until the revised GDP estimate is released on 22 December and will account for not only revisions in the construction sector but also that of other sectors. Given the revision in the construction sector a downward revision of the GDP estimate is looking more likely.
For the ONS announcement please click here.
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