Analyst’s October construction index shows a decline in project starts across the industry
Residential construction starts fell 26% on the preceding three months to September and 24% against last year, according to Glenigan’s October construction index.
Allan Wilen, economic director at the data analysis firm, suggested the decline reflects the “slower-than-anticipated recovery in house purchaser confidence, coupled with ongoing developmental delays”, which he attributed partly to “slow BSR approvals”.
Starts fell 29% for social housing and 25% for private units.
Meanwhile, non-residential project starts declined 9% against the previous quarter and 5% from a year ago.
Performance in the North East fell 32% in the latest quarter despite a 54% increase from a year ago.
Meanwhile, London saw starts fall by 27% from Q2, while the South East dipped by 17% and the South West by 24%.
Wilen added: “As uncertainty once again tightens its grip, the industry will be looking ahead to the Autumn Budget to see what rabbits, however small, the Chancellor can pull from her hat, to help kick-start activity.”
No comments yet