Construction decline continues
Thursday, 10 July 2008 12:00 AM
The latest data from the Office for National Statistics (ONS) illustrate the sharp decline in the UK construction industry is continuing unabated.
Overall levels of construction fell by 19 per cent in the last month alone, in terms of the value of orders, finds the ONS, with £3.52 billion worth of orders placed in May.
This is down from £4.35 billion of order in April, and 28 per cent below the £4.91 billion of orders recorded in May 2007.
Private housing was among the biggest losers, with just £977 million worth of orders placed during May.
This is down 27 per cent from the £1,333 of orders placed in the same month of 2007.
Social housing also recorded a 30 per cent drop over the month.
Just £177 million worth of new social housing construction orders were placed in May, down from £253 million in April and £246 million in May 2007.
The findings are inline with results released this week by some of the country's largest house builders.
Today Barratt Developments announced it is to cut 1,200 jobs following a severe downturn in the property market.
The news follows confirmation from Redrow and Bovis of dramatic cuts in respective workforces - seeing some 40 per cent of employees leaving the company - along with and Persimmon which cut 1,100 jobs.
Some £560 million of infrastructure orders were placed, along with £548 million other public orders, £129 million private industrial and £1,137 million private commercial orders.
Chris O'Toole
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- uk property news
