Construction adding to UK economic growth
Latest GDP figures show construction was key contributor to UK economic growth in third quarter
LAST week’s provisional GDP figures, published by Office for National Statistics (ONS), highlight that the UK economy grew by 0.8% in the third quarter of 2013 and construction grew 2.5% over the same period.
Noble Francis, economics director at the Construction Products Association, said: ‘The GDP figures show that construction was a key contributor to UK economic growth in Q3 for a second consecutive quarter. This adds to increasing optimism that the industry is recovering from its worst recession in 35 years.
‘The construction sector rose 2.5% in Q3 primarily due to private house building, boosted by Help to Buy, and infrastructure, driven by work on Crossrail – Europe’s largest construction project.’
Although output in the sector still remains 12.5% lower than it was five years ago, Mr Francis said the GDP figures point towards recovery for the construction sector and the wider economy.
