December’s Construction Output Flat

MONTHLY CONSTRUCTION output is estimated to be flat with zero growth in December 2022, according to the latest figures from the Office for National Statistics.

There was a slight increase in new work (0.5%), which was offset by a decrease in repair and maintenance (0.7% fall) on the month.

At the sector level, the main positive contributors were seen in non-housing repair and maintenance, and infrastructure new work, which increased 5.4% and 3.7%, respectively.

The main negative contributors were seen in private housing repair and maintenance which fell 8.5%, and private new housing, falling by 2.3%.

December’s construction output was 3.8% (£552 million) above the February 2020 pre-coronavirus (COVID-19) pandemic level. New work was 2.1% (£203 million) below, and repair and maintenance 15.0% (£755 million), above the February 2020 level.

Annual Construction Prices

Prices in the construction industry, estimated by the ONS Construction Output Price Index (OPI), increased by 9.7% in the 12-month period to December 2022. Although the rate of annual price growth has slowed slightly from the record increase seen in May 2022 (10.5%), prices still remain above historic price levels.

Quarterly Construction Growth

Quarterly construction output increased 0.3% in Quarter 4 (Oct to Dec) 2022 compared with the previous three months. The increase came from growth in both new work (0.4%) and repair and maintenance (0.1%).

Annual Construction

Overall, annual construction output increased by 5.6% in 2022 compared with 2021, which follows a record increase in 2021 of 12.8%.

Meanwhile, total construction new orders decreased 1.8% (£242 million) in Quarter 4 2022 compared with Quarter 3 2022. This quarterly fall came mainly from private commercial new orders and infrastructure, which fell 9.6% (£380 million) and 11.8% (£305 million), respectively.

The annual rate of construction output price growth was 9.7% in the 12 months to December 2022; this has slowed slightly from the record annual price growth in May 2022 (10.5%).


>> Read more construction data in the news

The post December’s Construction Output Flat appeared first on Roofing Today.

Generated by Feedzy