Member Article

Industry analyst sees construction as 'star turn' in growing economy

North West construction industry analysts Barbour ABI sees growth in GDP as a further indication that the sector is now a ‘star performer’ within the overall economy.

The firm, based in Cheshire Oaks, Wirral, was recently appointed by the Office for National Statistics (ONS) to provide Construction New Orders data.

Lead economist, Michael Dall, said: “The announcement of 0.8 per cent growth in GDP for Q3 contains 2.5 per cent growth in the construction sector which is significant, positive news for the UK economy, and confirms our belief that this summer was one of the strongest for the industry for some time.

“While these figures show the sector is 12.5 per cent below the 2008 pre-recession peak, it’s great to see construction as the star performer in terms of growth this quarter.

“July 2013 was a particularly strong month for construction, with Office of National Statistics (ONS) output data showing a two per cent increase versus the same period in 2012. Our construction project data for September is also looking strong, with a high number of orders and new starts, signalling that this positive growth looks set to continue into the autumn too.

“When you consider the challenges the construction industry has faced previously, it’s clear that this is definitely a period of positivity. However, this must be viewed with caution. The construction industry is still significantly below 2008 levels and while today’s announcement confirms growth, it must be sustained before we can decidedly say that we’re out of the woods.”

Barbour ABI provides market intelligence for the Built Environment sector, aiming to help the community to grow its business. The firm is part of UBM plc, a global marketing services and communications company, with 5,500 staff in more than 30 countries

This was posted in Bdaily's Members' News section by Simon Malia .