New figures show fall in construction output

Commenting on the new construction output figures published by the ONS today which show a 0.7 per cent fall in output in March, Michael Thirkettle, Chief Executive of leading interdisciplinary international construction and property consultancy McBains Cooper, said:

“After a period of relative stability following Brexit, recent evidence has pointed towards a slowdown in construction as concern grows about what EU withdrawal will mean for the construction industry. These latest figures bear out such concerns.

“Political parties of all stripes are now set to outline ambitious manifesto targets to increase housebuilding but these will be hollow promises unless they are backed by concerted action to address skills shortages and increase access to finance, meaning no end in sight for the housing crisis.

“Whoever wins on 8 June, Brexit will occupy much of the government’s focus over the next two years, and consequently there will be continuing caution from the private and corporate sectors in construction. Yet the industry needs the opposite – some bold moves and big investments – if it is to produce sustained growth any time soon.”