New orders data point to coming dip in construction output
The official figures for orders for new construction work in the third quarter of this year were not a particular surprise, but they do reveal starkly just how fragile prospects are for the industry. The graph below shows clearly the impact of the fiscal stimulus, which reversed the tailspin in orders. But now that public spending is in retreat we are seeing orders fall away at an accelerating rate. So in time we should expect to see the same for…