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The Construction Index quotes David Savage on the ONS construction output statistics for March 2023

Latest data from the Office for National Statistics (ONS) shows that construction output in Great Britain grew by 0.2% in March 2023 and 0.7% in the first quarter.

David Savage, Partner, provides comment on the statistics:

“February saw the construction sector get a significant boost and the March figures released today maintained those good signs of continued growth, recording the highest ever level of construction output since records began.

“As we emerge from a challenging winter period, the ONS figures are generally painting a brighter picture for the sector, and indeed the wider economy. The March figure benefited from a 0.7% increase in new work, albeit also seeing a decrease in repair and maintenance work – a fall of 0.6% - and the category of activity which had contributed so positively to the February figures.

“Thanks to fading recession fears and an improving global economic outlook, the sector can look forward with renewed confidence as the productive summer months approach.”

Read the full article in The Construction Index here.

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Mortgage Finance Gazette, Mortgage Strategy 

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