Despite slowing, annual construction growth is 5.7%

UNITED KINGDOM: Despite slowing down in December, according to the most recent monthly output numbers, construction saw growth of 5.7% last year. (Reported by news source)

According to the most recent government statistics, December's output was unchanged after private new housing and repair slowed otherwise favourable development in another sector.

Non-housing repair and maintenance as well as infrastructure new work, which climbed 5.4% and 3.7%, respectively, were the biggest drivers to the sector's growth.

After bouncing back in 2021 with a record surge of nearly 13%, 2022 saw overall growth of close to 6%.

Construction output is now 3.8% higher than it was in February 2020, just before the epidemic. According to official data, the annual rate of price growth for construction production in the 12 months to December was 9.7%, which is a decrease from the record high of 10.5% seen in May.

To avoid 2023 being a year of diminishing output, developers and contractors should collaborate to evaluate delivery timelines and, if necessary, explore alternate funding sources.