This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.theguardian.com/business/2016/jan/15/uk-construction-industry-suffers-surprise-drop-in-output
The article has changed 5 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| UK construction industry suffers surprise drop in output | UK construction industry suffers surprise drop in output |
| (7 months later) | |
| Britain’s builders suffered an unexpected drop in output in November, signalling a faster slowdown in GDP growth during the final three months of 2015 than most City forecasts. | Britain’s builders suffered an unexpected drop in output in November, signalling a faster slowdown in GDP growth during the final three months of 2015 than most City forecasts. |
| Construction output fell 0.5% on a monthly basis in November, according to the Office for National Statistics, against expectations for a rise of 0.5% in a Reuters poll of economists. | Construction output fell 0.5% on a monthly basis in November, according to the Office for National Statistics, against expectations for a rise of 0.5% in a Reuters poll of economists. |
| In his autumn statement in November, George Osborne, the chancellor, welcomed a revised forecast from the Office for Budget Responsibility that predicted an acceleration in the UK’s growth rate. | In his autumn statement in November, George Osborne, the chancellor, welcomed a revised forecast from the Office for Budget Responsibility that predicted an acceleration in the UK’s growth rate. |
| But the weak construction figures follow a contraction across the manufacturing industry and a slowdown in the services sector that could push GDP growth in the last quarter of 2015 to 0.4%, lower than previously estimated. | But the weak construction figures follow a contraction across the manufacturing industry and a slowdown in the services sector that could push GDP growth in the last quarter of 2015 to 0.4%, lower than previously estimated. |
| The ONS said bad weather may have weighed on the construction industry, which accounts for around 6% of economic activity in Britain. Heavy rain and flooding hit many areas of the UK during November, forcing builders to down tools. | The ONS said bad weather may have weighed on the construction industry, which accounts for around 6% of economic activity in Britain. Heavy rain and flooding hit many areas of the UK during November, forcing builders to down tools. |
| Infrastructure work was the worst affected, falling 4.3%, its biggest monthly drop since June 2014. Housebuilding growth slowed to 0.9% from 1.9% in the previous month, despite a push by the government to boost the number of homes built to meet growing demand. | Infrastructure work was the worst affected, falling 4.3%, its biggest monthly drop since June 2014. Housebuilding growth slowed to 0.9% from 1.9% in the previous month, despite a push by the government to boost the number of homes built to meet growing demand. |
| The ONS said construction output would need to increase by 2.6% month-on-month in December to avoid a fall for the fourth quarter as a whole. | The ONS said construction output would need to increase by 2.6% month-on-month in December to avoid a fall for the fourth quarter as a whole. |
| It was a different picture in the first half of last year when official figures indicated that the sector was booming, with the number of cranes looming over London and Manchester supporting a rosy outlook. | It was a different picture in the first half of last year when official figures indicated that the sector was booming, with the number of cranes looming over London and Manchester supporting a rosy outlook. |
| However, a slump in the summer and autumn continued into the winter months and contributed to 1.1% fall in annual output, the biggest 12-month drop since May 2013. | However, a slump in the summer and autumn continued into the winter months and contributed to 1.1% fall in annual output, the biggest 12-month drop since May 2013. |