Building quotes James Worthington on UK construction output in December 2022
According to the latest ONS figures, monthly construction output was flat (0.0% growth) in December 2022. This follows a downwardly revised 0.5% decrease in November 2022.
James Worthington, Partner, comments on the statistics for Building:
“December was another a period of flat monthly growth for the construction sector, a sign that the industry is struggling in the face of external challenges.
While the quarterly output figures showed 0.3% growth, businesses in the sector are having to deal with costly materials and high inflation reducing confidence across the sector, as reflected by this week’s Construction PMIs which saw the fastest fall in output since May 2020.
Government support is needed to help the construction sector: an industry that is still one of the hardest hit by the increasingly challenging economic environment.”
Read the full article in Building here.