Construction output down in November
Data shows we’re “yet to hit rock bottom”
Construction output in November fell for the third time in the last four months, according to the latest data from Market/CIPS.
The figures were blamed on a lack of new business to replace completed contracts, which also contributed to a drop in confidence regarding outlook over the next year.
However, Tim Moore, senior economist at Markit, said construction output “has yet to hit rock bottom”.
“This was highlighted by new work dropping at the fastest pace for around 3.5 years, while signs of a greater squeeze on client’s budgets for 2013 brought confidence to its weakest since the record lows of late-2008,” he added.
House building and commercial activity both fell during November, while civil engineering activity increased.