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Construction growth boosts UK economy

According to the latest GDP figures published by the Office for National Statistics (ONS) on 25 October, construction output increased by 2.5% in the third quarter of 2013, following an increase of 1.9% in the previous quarter.
Between the third quarter of 2012 and the third quarter of 2013, construction output increased by 4.9%.

GDP increased by 0.8% in the third quarter of 2013 compared with quarter two 2013.

CPA economics director, Noble Francis, said: 'The GDP figures released today show that construction was a key contributor to UK economic growth in Q3 for a second consecutive quarter. This adds to increasing optimism that the industry is recovering from its worst recession in 35 years.

'The construction sector rose 2.5 per cent in Q3 primarily due to private housebuilding, boosted by Help to Buy, and infrastructure, driven by work on Crossrail, which is Europe's largest construction project.

'Although output in the sector still remains 12.5 per cent lower than it was five years ago, today's GDP figures point towards recovery for the construction sector and the wider economy.'



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28 October 2013

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