In August British construction output fell for a second straight month at its sharpest rate since late 2012 official data has shown. Construction accounts for around 6 percent of UK GDP.
The figures revealed that house building dropped by 3%, repair and maintenance activity fell around 5.6% and all new work 3.6% from the figures reported for July.
This has partly been attributed to poor weather in August and this result may, therefore, be reversed in September. This decline added to the overall evidence that economic growth suffered in the third quarter of 2015.
Additionally, the figures revealed that Britain’s trade deficit in goods narrowed to £11.149 billion compared to £12,203 billion in July. This figure, however, remained larger than initial predictions had expected which will also impede growth estimates.
Has your construction company suffered as part of the decline in the industry? If so it is important to seek professional advice in order to consider the range of options available and thus mitigate negative effects. One of our experienced practitioners would be more than happy to arrange a meeting, initially free of charge. To take advantage of our service, please contact us here.