Member Article

Construction industry growth boosts overall UK GDP

Cheshire-based construction industry analysts Barbour ABI have welcomed the encouraging UK figures announced for the third quarter of the year.

The firm is an expert provider of market intelligence for the Built Environment sector, having a long history in helping the community to grow its business.

Michael Dall, Barbour ABI’s lead economist, said: “October’s growth in construction output and the upward revisions to 2013 figures as a whole (ONS Construction Output, October and New Orders, Q3 2013) are not only a welcome surprise for the construction industry, but a boost to the UK economy as a whole.

“The better-than-predicted announcement will translate to an upward revision of 0.1% to Q1 and Q2 GDP figures according to the ONS.

“This upward revision to construction output by the ONS was unexpected amongst forecasters and economists; however, given the growing optimism within the construction industry over the past few months, the 5.3% growth in October 2013 versus this time last year does feel more reflective of prevailing sentiment at the moment.

“This news lends weight to the view that the British economy is in a healthier state than first thought.”

Barbour ABI has its headquarters at Cheshire Oaks near Ellesmere Port.

It was recently appointed by the Office for National Statistics (ONS) to provide Construction New Orders data, a key indicator of the health of the Built Environment industry for the UK economy.

The firm collates, maintains and publishes the UK Government’s Construction and Infrastructure Pipeline, the forward programme of publicly-funded construction.

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