UK Money News
1st April 2008
Construction activity stalls on property slowdown
Slowing in the property market has fuelled a downturn in construction activity during the first quarter, a new survey has shown.
In the latest UK construction market survey conducted by the Royal Institution of Chartered Surveyors (Rics), just one per cent more surveyors reported a rise rather than a fall in workloads for the period.
This is lowest level noted by the poll since 1996 and compares with 16 per cent noted by the survey for the last quarter of 2007.
David Stubbs, senior economist at Rics, said: "Growth in the construction industry has slowed abruptly in the first quarter of this year.
"Private residential workloads are now shrinking as home builders react to challenging conditions in the housing market by reducing the number of new homes under construction."
He added: "This emphasizes the difficulty that the government will have in encouraging higher house building levels during periods when the housing market is soft."
Unsurprisingly, construction of residential buildings was subject to the most marked slowdown, with a particularly severe drop noted in the north.
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