UK DIY News
ONS: Construction Output And Employment Data
The ONS has published construction data for February 2024.
Key points:
Monthly construction output is estimated to have decreased 1.9% in volume terms in February 2024; this follows a 1.1% increase in January 2024, with the monthly value in level terms at £15,229 million in February 2024.
The decrease in monthly output came from decreases in both new work (2.3% fall), and repair and maintenance (1.4% fall); anecdotal evidence from survey returns suggested effects of heavy rainfall led to delays in planned work and decreasing output in February 2024.
At the sector level, eight out of the nine sectors saw a fall in February 2024, with the main contributors to the monthly decrease seen in non-housing repair and maintenance, and private commercial new work, which decreased 2.5% and 4.0%, respectively; the only increase was private housing repair and maintenance, which grew 0.2%.
Construction output is estimated to have decreased 1.0% in the three months to February 2024; this came solely from a decrease in new work (3.0% fall), as repair and maintenance increased by 1.6%.
Construction unemployment:
- Construction unemployment down 24% year-on-year
Ellis Osborn, Ecommerce Manager at IronmongeryDirect, said:
“The latest government data for the construction industry continues to show positive growth for 2024.
“When compared to this time last year, average weekly earnings currently sit at £756, which is a 3.3% increase from last year, when it was £731. The £25 weekly increase for construction workers suggests that businesses continue to perform strongly.
“There also appears to be more work available, as the average number of hours completed each week is up year-on-year. The latest data shows that in a typical week, tradespeople now work 36.9 hours, up from 36.6 in 2022/23.
“Furthermore, businesses are retaining staff, as the number of unemployed construction workers is down 24% compared to the year before (41,000, down from 52,000).
“This fall in unemployment, combined with the increase in wages, goes to show that the industry is looking positive as we move further into 2024.”
For more information about IronmongeryDirect, visit: https://www.ironmongerydirect.co.uk/
Source : ONS, IronmongeryDirect
Image : Bogdanhoda / istock / 622800884
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