Weekly Economic and Construction Update – 11 August 2023

CPA - UK Economic and Construction Update
CPA - UK Economic and Construction Update

Weekly Economic and Construction Update – 11 August 2023

Date Published

11 August 2023

Document Type

Category

Author

TDUK
CPA - UK Economic and Construction Update

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Summary

According to the latest ONS data, construction output volume in June 2023 was 1.6% higher than in May and was a rise in output after three consecutive monthly falls although note that May had an additional Bank Holiday due to the coronation. Construction output in June 2023 remained 4.6% higher than a year ago and was 6.6% higher than in January 2020, pre-pandemic.

It is worth highlighting, however, that the CPA has persistently highlighted issues with the ONS overestimating the level of repair and maintenance (r&m) output, which accounts for 40% of total construction output) since the spikes in energy and commodity prices in 2022 and, as a result, overestimating total construction output.