The vast slowdown of UK construction has hopefully ended. As of March 2015 it has managed an impressive comeback.
Output in the sector has developed by 3.9pc, (compared with February) it is 2.3pc more than the estimation made by the Office for National Statistics (ONS) which was only 1.6pc.
The annual rate of expansion in private housing has also grown to 11.1pc. House building by private companies has risen by 2.3pc also in March after five secure months of construction.
The drop in January and February caused the overall output to fall by 1.1pc this was lower than the estimation drop figure of 1.6pc.
The economy only expanded by 0.3pc, the lowest in three years the better-than-expected construction performance is unlikely to have a fast improvement because of such a low and poor figure. But, joined with the increasing growth at factories in March, economists said that a progress is achievable.
Industrial productions were predicted to stay dormant. The figures rose by 0.5pc in March.
The better than expected performance in both sectors have the potential to reach an efficient and increasing overall rise to success.Although, Gareth Hird of property consultancy at McBains Cooper said
“however, it would be premature to call this recovery just yet. In all likelihood, it is fragile at this stage.”
The head of businesscomparison.com, Phillip Brennan, thinks construction is massively important for the UK economy it is labour intensive area employing not just directly in terms of construction but through a colossal supply chain of which support this industry. Hopefully, this can continue without the government support incentivising new builds through the funding for the lending scheme.