Political uncertainty wipes £309mn off construction output
Construction output has hit its lowest ebb for many months as an uncertain economy, political paralysis and wintery weather all conspire against the building industry.
Construction output decreased by 2.3% in October 2019 according to ONS data, the largest monthly fall since January 2018 when it fell by 2.6%. It is now at its lowest level since April 2018, when output was £13,180mn.
Neil Knight, business development director, Spicerhaart Part-Exchange & Assisted Move, said: “October’s construction output figures suggest that new private housing is showing signs of tailing off, and while public housing compensates for this, these figures make slightly uncomfortable reading.
“This does not reflect our experience on the ground as we are seeing plenty of new developments, but it does underline that there is much more for the new government – whoever is elected on Thursday – to do to get the market moving again.
“The longer-term figures suggest the market is fairly flat overall and we are all going to have to wait a bit longer to see a fully-fledged recovery. Hopefully with the election out of the way in a few days’ time, we can all get back to something like normality again and that will restore confidence.”