Commenting on the new construction output figures published by the ONS today which show construction output falling for the fourth consecutive month, Michael Thirkettle, Chief Executive of leading construction consulting and design agency McBains, said:
“These figures indicate that the construction industry is treading water with the UK withdrawal from the EU on the horizon.
“With a lack of clarity from the government on the Brexit deal, many UK companies and investors are biding their time on committing to new projects, which means confidence remains fragile. Cost pressures are impacting too, with rising prices for imported materials because of the weak pound.
“Although today’s figures show growth in private housing, a long-term commitment from government to give an additional boost to the UK housebuilding sector would have been a welcome tonic, yet Theresa May’s announcement that just an additional 25,000 homes for social rent would be built received an underwhelming response from the industry.”