ONS figures confirm construction recovery
Figures just released by the ONC shows that there has been a 5.4% increase in construction output in the period of January to March 2014, compared to the same period in 2013, which is more good news for the construction industry .
The key findings form the Office Of National Statistics are as follows:
- The seasonally adjusted estimate of construction output in Q1 2014 rose by 0.6% (£180 million) when compared with Q4 2013. There were increases in both sub-sectors with new work increasing by 0.9% (£160 million) and repair & maintenance increasing by 0.2% (£20 million).
- When comparing Q1 2014 with Q1 2013 construction output increased by 5.4% or £1.5 billion. Of this £1.5 billion increase, £1.0 billion was attributable to new work and the remaining £0.5 billion to repair & maintenance.
- Estimated to be £9.4 billion in March 2014, output of construction was 1.0% lower than the February 2014 estimate of £9.5 billion.
- The Preliminary Estimate of Gross Domestic Product (GDP) published on 29 April 2014 contained a forecast for quarterly construction output of 0.3%. This estimate has been revised within this release based on updated survey responses and is now estimated to be 0.6%, an upward revision of 0.3 percentage points. This upward revision has no effect on the preliminary estimate of GDP growth to one decimal place
Lets hope we see more of these figures in the coming months confirming the recession is truly over.