Brickonomics

Falling construction helps hold UK in recession

An estimated fall of 1.1% in construction output in the third quarter of this year has helped to hold the UK economic growth in recessionary territory. Much to the surprise of many analysts the UK economy appears to have remained...

Posted by Brian on October 23, 2009 9:40 AM

Economy not as bad as we thought thanks to construction

The fall in GDP wasn't as big as we thought thanks to stronger than estimated construction activity. That is the assessment of the statisticians who put together the national accounts. But is this good news or bad news for construction?...

Posted by Brian on September 29, 2009 10:51 AM

GDP figures stick with estimate of 2.2% fall in Q2 construction output

No surprises in the GDP figures out today, after the savage revisions made to the previous quarter. Things aren't quite as bad as first thought. GDP was revised up gently from a drop of 0.8% in the second quarter to...

Posted by Brian on August 28, 2009 10:06 AM

Recession deeper than we thought says Bank of England

The recession is proving to be deeper than the Bank of England expected when it previous produced an inflation report in May. That in part explains the extension of the quantitative easing programme that rather surprised many commentators. I have...

Posted by Brian on August 12, 2009 11:44 AM

Seven years of construction growth wiped out say GDP figures

The latest GDP figures showed a marked slowdown in the rate of collapse of the economy. But the drop of 0.8% was significantly more than economists were expecting, if the mood judged by Reuters gives a fair assessment. The median...

Posted by Brian on July 24, 2009 10:22 AM

Construction shrinks at the fastest rate ever recorded

It was with genuine shock that I looked at the latest output figures. I was busy finishing something off when Noble Francis of the Construction Products Association called to ask if I'd seen the figures. I thought he was pulling...

Posted by Brian on June 5, 2009 10:53 AM

Latest GDP figures confirm plunging construction workload

The update on the preliminary GDP figures for the UK's economic growth confirm construction activity was down in the first quarter by 8.6% compared with a year earlier. This puts industry workload on a level with that last seen in...

Posted by Brian on May 22, 2009 10:30 AM

Little to stop the slide in house prices, says Hometrack

Two weeks ago there was growing optimism within the housing market. One budget later and there is every sign that we may re-enter a period of deepening pessimism with commentary to suit. I'd be surprised if the latest British Bankers'...

Posted by Brian on April 27, 2009 12:55 PM

Construction collapse was faster than first thought, say ONS statisticians

Construction output fell a further 2.4% in the first quarter of this year, according to estimates plugged into the official data used to calculate the UK gross domestic product. The figures for total output of the UK economy in the...

Posted by Brian on April 24, 2009 10:47 AM

Recovery soon for construction?

The torrent of economic good news gushing from economists and think tanks is almost overwhelming. Hell's teeth it is a boost to confidence. But does this mean that the recovery is in sight for construction?...

Posted by Brian on April 20, 2009 1:45 PM

Homeowners turn their backs on using their homes as a bank

I was intrigued by the response from the surveyors' body RICS to the latest Bank of England figures for Housing Equity Withdrawal. The figures show a continuation in the rapid repayment of housing debt, as the graph below shows, and...

Posted by Brian on April 1, 2009 5:38 PM

Official figures suggest construction is faring better than most - really?

The appalling GDP figures released today suggest construction has got off relatively lightly so far - odd don't you think? The economy took its biggest nosedive since mid 1980 in the final quarter of last year, a drop of 1.5%....

Posted by Brian on January 23, 2009 10:29 AM

The Chancellor's measures are not exceptional enough

I can but agree with the Chancellor that these are exceptional times and they require exceptional measures. My complaint, as I have said before, is that it took rather too long for the bulk of the political establishment to accept...

Posted by Brian on November 24, 2008 5:53 PM

IMF sees major decline in UK economic prospects

The prospects for the global economy are declining so fast that it has prompted the updating of an IMF forecast released just last month. The prospects for the UK now look decidedly gloomier to the IMF, which has revised its...

Posted by Brian on November 7, 2008 12:26 PM

In praise of a happiness

Naturally we wish the new US President Barack Obama well in the tough job he has ahead and in his commitment to boost the nation's construction industry in a bid to improve the massive yet increasingly tatty infrastructure. From the...

Posted by Brian on November 6, 2008 10:01 AM

The UK construction industry is in recession

If the definition you use is two quarters of negative growth, then on the first count by the national statisticians the construction industry is in a recession. The latest GDP figures show that growth in the whole economy dipped by...

Posted by Brian on October 24, 2008 9:35 AM

Fall in construction worse than thought drags economy to a halt

If you take the figures at face value, things have just gotten a lot worse for construction and a recession now seems inevitable and potentially deeper than first thought. According to the newly revised GDP figures for the second quarter...

Posted by Brian on August 22, 2008 11:10 AM

Official figures show construction output dropping in second quarter

So there it is, construction output slumped sharply in the second quarter of this year, according to the first take by the national statisticians of economic activity. The statisticians put the 0.7% drop in construction activity down to the sharp...

Posted by Brian on July 25, 2008 10:18 AM

First quarter national accounts figures provide cause for concern

The latest quarterly national accounts provide yet more worrying reading for the construction industry. Firstly, the revisions made by the statisticians have just made the pretty poor figures originally released look worse. GDP growth in the first quarter is now...

Posted by Brian on June 29, 2008 7:07 PM

Carnage if 70,000 fewer homes built - an £8 billion hit for construction

The Observer this Sunday claimed 70,000 fewer homes would be built this year. We face the biggest post-War slump in house building it said after interviewing Barratt chief Mark Clare. Frankly that would be carnage and, if the figure proves...

Posted by Brian on June 15, 2008 7:00 PM