Trust in the cloud is growing - but what is holding us back?
Construction output fell by 3.9% between the first and second quarters of 2012, new figures show today.
The fall is 9.5% when compared with the same period a year ago.
The volume of all new work fell by 4.6% compared with the first quarter of 2012 - and by 12.8% compared with 2011.
A spokesman for the Office of National Statistics, which released the figures, said the poor weather and the extra bank holiday for the Queen’s Diamond Jubilee were likely to have been contributing factors, as well as moving the late May bank holiday to June.
Steve McGuckin, managing director of Turner & Townsend, said: “All the sunshine and Olympic feelgood factor in the world can’t hide the fact that these are black days for the construction sector.
“Stagnation has moved from the stuff of nightmares to the new norm.
“Despite Sir Mervyn King’s assertion this week that the economy is ‘slowly healing’, construction is still walking wounded. Output in the last quarter tumbled to levels not seen since the depths of the 2009 recession. The big drop in infrastructure output is of particular concern for the economy as a whole.”
Optimists who hoped 2013 would see an upturn in work were being forced into a drastic rethink, he added, and small and medium-sized firms were the worst hit.
- UK Second-Quarter Slump May Be Smaller as Building Revised - Bloomberg (bloomberg.com)
- Slower construction fall signals GDP revision (telegraph.co.uk)
- Recession deniers should shut up as down we continue to go (newstatesman.com)