Weekly Economic and Construction Update – 13 January 2023
Total construction output in November was flat compared with October after four consecutive monthly rises in output, following the dip in Summer (returning to normal Summer holiday trends). Output in November was still 4.0% higher than a year ago, when materials availability and a lack of HGV drivers restricted and delayed construction activity, and output in November was still 2.4% higher than in January 2020, pre-pandemic.
Private housing output in November was 4.8% lower than in October but 10.7% higher than a year ago despite the housing market slowdown as housebuilders slowed down faster and earlier than usual in terms of starts (due to concern over demand in 2023 given double-digit falls in reservations) but continued to build out completions to meet existing pre-sales for year-end and into Q1. Private housing output remained 2.3% higher than in January 2020.