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Downturn looms
00:00 09 Dec 1998
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by Michael Gordon
Economic activity in the construction industry is set to take a dip, according to the latest statistics from the Association of Consulting Engineers (ACE), and the Nationwide Building Society.
The ACE survey revealed that 60 per cent of firms expected workloads in 1999 to be either the same or down on 1998 levels, and only 15 per cent of firms said that workload and investment would be higher than 1998.
Nicholas Bennett, ACE chief executive, said: "The figures show that although confidence remains, on the whole, stable, there are increasing concerns about prospects for 1999."
The latest figures from Nationwide show that 1997 house price inflation figures were running at 13 per cent per annum, but have now dropped to 6.9 per cent, with most of the fall occurring since the worldwide financial panic in August, which made house prices in November just 0.1 per cent higher than in October.
Economic activity in the construction industry is set to take a dip, according to the latest statistics from the Association of Consulting Engineers (ACE), and the Nationwide Building Society.
The ACE survey revealed that 60 per cent of firms expected workloads in 1999 to be either the same or down on 1998 levels, and only 15 per cent of firms said that workload and investment would be higher than 1998.
Nicholas Bennett, ACE chief executive, said: "The figures show that although confidence remains, on the whole, stable, there are increasing concerns about prospects for 1999."
The latest figures from Nationwide show that 1997 house price inflation figures were running at 13 per cent per annum, but have now dropped to 6.9 per cent, with most of the fall occurring since the worldwide financial panic in August, which made house prices in November just 0.1 per cent higher than in October.
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