Building quotes David Savage on the rise of construction output in October
Construction output rose in October for the fourth successive month despite negative quarterly growth in the economy overall.
Data from the Office of National Statistics today shows monthly construction output rose 0.8% in October.
David Savage, Partner, provides comment for Building Magazine:
"Construction output saw another increase in October, with the ONS data released this morning showing 0.8% growth - a fourth consecutive month’s display of growth – and a sign that the sector is holding strong during a difficult period.
As the wider economy seems to be heading inexorably towards recession, the construction sector continues to demonstrate resilience in the face of the significant economic challenges and general uncertainty in both the UK and global economy.
However, developers and investors are well aware of the challenges they face as we enter the winter period, with double digit inflation, structurally higher interest rates and continued construction labour shortages all cause for concern in the months ahead.
Next months data will be key: will construction fall into trend with the wider UK economy, or will November show further growth as the impact of relative political stability kicks in?”
Read the full article in Building here.
