UK construction sector falls in July
New statistics show that UK construction output dropped in July mainly because of a year-on-year fall in the number of under construction houses.
The Office for National Statistics (ONS)said the unexpected drop reverses a bounce in previous month after the biggest annual fall in house-building over the past two years.
According to ONS, UK construction output fell by 1.0% in July bucking economists’ forecasts of a 0.5% pickup after an unrevised 0.9% rise in June.
It went on adding that compared with last year, the output fell by 0.7%, compared with forecasts of a 0.6% rise.
"Construction of public housing fell by a hefty 15.6%, while the 0.8% growth in private building work was the slowest since March 2013. Construction fell sharply after the financial crisis and was slow to recover, but gained pace in 2014 before easing early this year,” the office said.
Construction makes up 6% of Britain’s economy. Now the volatile data can contribute to significant revisions to overall GDP.
The ONS did not however revise the 0.2% growth rate it had recorded for the sector in the second quarter of this year. It noted that would wait until more comprehensive annual statistical revisions were made to Britain’s official data this month.
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