Construction output in the second quarter of 2014 was unchanged on the previous quarter, but 4.8% up on a year earlier according to seasonally adjusted figures from the ONS. The flat quarter on quarter performance reflects a progressive slowing in construction output growth from the 6.2% annual growth rate seen in the third quarter of 2013.
Nevertheless, despite the current slowdown, medium term prospects remain positive, with rising private sector investment and infrastructure investment expected to lift industry workloads.
Main contractors have strengthening order books, with clients more willing to green light schemes. A total of £42.6 billion of main contracts were secured in the first eight months of 2014, a 45% increase on the same period of 2013. Even excluding the largest schemes of £100 million or more contract awards were 17% up on a year earlier.
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