Glenigan, one of the UK’s leading provider of construction project leads and industry analysis has published their report and opinion on the current state of the UK construction industry which shows a decline in output as the UK’s employment rate remained largely unchanged.
Construction – highlights report that, while overall output declined further during the three months to July, falling by 0.3% compared to the previous three month period, new work output was up 0.4% on the previous three months, and 3.7% higher than a year earlier. Growth of private housing output has slowed with a 0.3% rise over the last three months, but output remains 6.6% higher than a year earlier.
Employment – The UK unemployment rate was 5.5% during the three months to July, unchanged on the preceding three month period; this rate has been stable during 2015 having fallen sharply during the previous two years. The figures also indicate rising wage pressures, with average regular pay 2.9% higher than a year earlier during the same period, the fastest growth in over six years.
Wages have also been rising for construction workers according to the official statistics.
A range of economic data points to a slowing in the rate of UK economic growth during the third quarter of 2015.
Retail sales data and the Markit/CIPS Services PMI – have both indicated a slowing in growth in recent months, while official data showed weak construction and manufacturing output during the month of July.
The National Institute for Economic and Social Research – estimate that during the three months to August growth was 0.5%, down from 0.6% in the three months to July and below the 0.7% rise in GDP recorded for the second quarter by the ONS.
Source: Read more at Glenigan
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