Property Week quotes James Worthington on UK construction output in November
The latest data from the Office for National Statistics showed that UK construction output stalled in November 2022 compared to previous months.
Although November construction output grew 4% year-on-year, the ONS said that compared to the previous month, construction output showed no growth, after a downwardly revised 0.4% rise in October.
James Worthington, Partner comments on the data:
“Following four consecutive months of increase, the construction sector saw zero growth in November, a sign that the industry may be suffering during a difficult period.
The rising price of construction materials, threat of recession and ongoing economic challenges are all contributing to significant uncertainty across the sector, from investors to developers.
Government intervention through tax relief and extra support is needed to prevent future downturn in the sector - an industry that is likely to be among the hardest hit by an increasingly challenging economic environment."
Read the full article here.