Weekly Economic and Construction Update – 10 March 2023

CPA
CPA

Weekly Economic and Construction Update – 10 March 2023

Date Published

10 March 2023

Document Type

Category

Author

TDUK
Summary

Total construction output in January fell by 1.7% compared with December on a seasonally adjusted basis, partly due to rain-affected early January, but it was still 0.6% higher than a year ago. It was also 1.3% higher than in January 2020, pre-pandemic.

Private housing output in January was 3.0% lower than in December and it was 3.4% lower than a year earlier as output peaked in October and has been falling for since then.

 

Key Information

In January, private housing output was also 5.3% lower than pre-pandemic.

Output is likely to continue to fall as the focus currently remains on completions as house builders hope that the initial signs of demand picking up so far this year turning into an acceleration in sales from a low base in Spring, as mortgage rates fall, which will be key to preventing strong double-digit falls overall for this year.