Well, well, well, looks like the construction industry had some ups and downs in the third quarter of this year. Despite new orders taking a nose dive by more than a fifth, the overall construction output managed to grow. Talk about a rollercoaster ride!
Liz McKeown, the ONS director of economic statistics, described the growth as “subdued,” which is probably the most polite way to say things didn’t exactly skyrocket. On the bright side, repair and maintenance work didn’t completely crumble, only falling by a measly 0.6 per cent.
In September, there was a whopping 0.1 per cent growth in output compared to August. Hey, progress is progress, right? August itself had seen a 0.6 per cent growth, so at least things are moving in the right direction, even if it’s at a snail’s pace.
But hold on to your hard hats, folks, because new orders took a major hit in Q3, plummeting by a staggering 22 per cent. That’s a £2.7 billion drop in value compared to the previous quarter. Ouch.
So, in a nutshell, the construction industry in Q3 was like a seesaw - some parts up, some parts down, but hey, at least they’re still in the game!