ONS: Construction Output Volume Increased In January

The ONS has published data on construction output for January 2024.

Main points:

• Construction output is estimated to have decreased 0.9% in the three months to January 2024; this came solely from a decrease in new work (4.5% fall), as repair and maintenance increased by 4.0%.

• The decrease over the three months came from infrastructure new work and private housing new work, which fell 9.3% and 5.2%, respectively; with the main positive contributions coming from non-housing repair and maintenance, and private housing repair and maintenance, which increased 3.2% and 3.3%, respectively.

• Monthly construction output is estimated to have increased 1.1% in volume terms in January 2024; this follows three consecutive monthly falls, with the monthly value in levels terms at £15,422 million in January 2024.

• The increase in monthly output came from increases in both new work (1.1%) and repair and maintenance (1.2%). 

• At the sector level, six out of the nine sectors saw a rise in January 2024; the main contributors to the monthly increase were private new housing, and non-housing repair and maintenance, which increased 2.6% and 1.9%, respectively.

Source : ONS

Comment:

• Positive outlook for UK construction workers with earnings up year on year 

Ellis Osborn, Ecommerce Manager at IronmongeryDirect, said: 

“As we move further into 2024, the latest government data suggest that the construction industry is growing in the right direction.  

“When compared to this time last year, average weekly earnings figures are now at £747, which is a 3.3% increase from last year, when it was £722. Which suggests that businesses are not only performing better but are able to increase their staff's pay in 2024.  

“Interestingly, the increase in pay wasn’t the only reason that the construction industry is looking positive with a decrease in vacancies from 36 between Dec 2023- February 2024, compared to 39 in the previous year, which could suggest that businesses are retaining better staff. 

“Unemployment rates saw a small decrease of 1% year on year, with tradesmen seeing a 2% decrease from the previous year, compared to female construction workers, who saw unemployment levels stay the same. 

“It’s fantastic to see 2024 moving in the right direction and we’re hopeful that this continues throughout the rest of the year for the industry.”  

For more information about IronmongeryDirect, visit: https://www.ironmongerydirect.co.uk/  

Source : IronmongeryDirect   

Image : pexels / Life of Pix / 2469

For all the very latest news and intelligence on the UK's largest home improvement and garden retailers, sign up for the Insight DIY weekly newsletter.