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August dip of no concern as signs grow that construction is pulling out of recession

August dip of no concern as signs grow that construction is pulling out of recession

Despite the slight tick downward in the ONS seasonally adjusted construction output figure for August the signs are growing that the industry is pulling out of recession. There are many ways to measure growth, but looked at on a 12-month rolling basis output (using the non-seasonally adjusted data) seems to have bottomed out in May 2013 and we have now seen three months of improvement. This is clear from the graph, which also shows that measured on a three-monthly basis…

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Architects and engineering firms have enjoyed a growth spurt since the spring

Architects and engineering firms have enjoyed a growth spurt since the spring

Architectural and engineering firms are currently going through a growth spurt according to the latest data on services turnover. The turnover and orders in production and services industry (TOPSI) data released by ONS  late last week showed that the turnover in the three months to July for architectural and engineering firms was 13.8% higher than in the same period a year earlier. This turnover is in cash terms and, because there will be cross trading, this is not a measure…

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Why we should be cautious about seeing the RICS survey as a signpost to growth in UK construction

Why we should be cautious about seeing the RICS survey as a signpost to growth in UK construction

The press release headline for today’s RICS construction market survey suggests the industry will turn the corner and grow in 2013. That sounds like encouraging news. Sadly, it is probably over optimistic and probably overstates the results of the survey. Sorry to burst one of the all too few happy bubbles you’ll see this year. But there’s a host of reasons to be cautious over the interpretation of the latest survey. The RICS construction survey provides a useful indication of…

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Jobs and pay data do little to perk up waning hopes for growth

Jobs and pay data do little to perk up waning hopes for growth

The latest jobs and pay data released by the Office for National Statistics today provide little by way of comfort about the economy or, more specifically, for those in the construction industry. There was an improvement in the numbers employed with 50,000 more in employment over the past three months to May and 26,000 fewer were counted as unemployed. But we have seen a continued rise in the claimant count. And annual pay rose at an annual rate of just 2.3%,…

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House building looks set for growth in 2010

House building looks set for growth in 2010

The latest Government house building numbers strongly suggest that a shade more than 100,000 homes will be built in England in 2009. This would represent a 40% drop on the peak year of 2007 and make 2009 a record peacetime low. There are hints of hope in the figures with the starts figures rising. But if we look at the 12-monthly number we see that the accumulated starts over the past year are low, which does not bode well for…

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House building figures show huge jump in starts and completions

House building figures show huge jump in starts and completions

There were two big boosts in the numbers released today for house builders. First, the latest Government data on homes built in England are by far the best for more than a year with a massive leap in the quarter to June. Second, gross mortgage lending in July was up 26% on June, according to the Council of Mortgage Lenders. These figures suggest a continued and reasonably strong improvement in both the housing market and in house building.

CML provides further evidence of the housing market becoming more buoyant

CML provides further evidence of the housing market becoming more buoyant

The Council of Mortgage Lenders today adds yet more weight to the view that the housing market is in a period of stability if not growth. Its June figures show a 23% increase in the number of home loans over the past month taking the total to a level not seen for about a year. The bounce back in loans to first time buyers will come as a welcome relief to house builders in particular. While numbers are still low…

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