02/09/2011
Construction Orders Hit 30-Year Low
New construction orders have fallen to their lowest level since 1980, according to the latest data from the Government.
The Office for National Statistics (ONS) said the new orders in the second quarter of 2011 fell by 16.3% in comparison with the first quarter, and by 23.2% compared with the second quarter of last year.
Private industrial was the only sector that showed a positive growth from the first to the second quarter (6.6%)
According to the Construction Products Association chief executive Michael Ankers, the figures were "alarming".
"Whilst the fall in public sector orders of 30% is no surprise given the cut back in public sector spending, it is particularly alarming to see the fall in new orders for private sector construction – down 8% on the first quarter of the year and 10% down on the same quarter last year."
The story is the third blow this week for Chancellor George Osborne after a Markit/Cips survey on Thursday showed UK manufacturing fell in August, along with exports, new orders and employment.
While on Wednesday, a leading market research agency said consumer confidence for an economic recovery was at its lowest point for over a year with expectations unlikely to improve.
(DW/BMcC)
The Office for National Statistics (ONS) said the new orders in the second quarter of 2011 fell by 16.3% in comparison with the first quarter, and by 23.2% compared with the second quarter of last year.
Private industrial was the only sector that showed a positive growth from the first to the second quarter (6.6%)
According to the Construction Products Association chief executive Michael Ankers, the figures were "alarming".
"Whilst the fall in public sector orders of 30% is no surprise given the cut back in public sector spending, it is particularly alarming to see the fall in new orders for private sector construction – down 8% on the first quarter of the year and 10% down on the same quarter last year."
The story is the third blow this week for Chancellor George Osborne after a Markit/Cips survey on Thursday showed UK manufacturing fell in August, along with exports, new orders and employment.
While on Wednesday, a leading market research agency said consumer confidence for an economic recovery was at its lowest point for over a year with expectations unlikely to improve.
(DW/BMcC)
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