UK Construction Falls in October

Output in the UK construction industry suffered a sharp fall in October, official figures have shown.

The Office for National Statistics (ONS) said output dropped by 2.2% in October from the month before.

However, there was a sharp upwards revision to construction output growth for the third quarter of the year, which doubled to 1.6%.

The ONS said this could mean that overall economic growth in the quarter could be revised up to 0.8% from 0.7%.

It said this assumed growth in manufacturing and services remained unchanged in the quarter.

The ONS publishes its third and final estimate of GDP for the third quarter on 23 December.

As well as falling in October, construction output grew by just 0.7% when compared with a year earlier, the slowest annual growth rate since May 2013.

The ONS said there were reductions in output across the construction industry, with only public new work – excluding infrastructure – showing a slight increase.

Last week, the closely-watched Markit Purchasing Managers’ Index for the construction sector showed activity expanded at the slowest pace in more than a year in November.

via SOURCE

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