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New-build housing projects down 41%

Tuesday, 22 March 2011 4:34 PM

New housing construction projects saw a 41 per cent drop in the three months to February 2011 compared with the same period one year previously, the latest Glenigan Index revealed.

Published today, the report showed drops in new construction activity across a range of different categories, including both residential and other property types.

Civil engineering projects fell by two per cent year-on-year, with a decline in new buildings for the utilities sector.

Hotel, leisure, industrial and retail properties all saw a fall of about a tenth in new-build activity over the quarter.

Social housing in particular helped to pull down the activity in the residential segment of the report, with 36 per cent fewer new projects between December and February than in the same period of 2010.

James Abraham, economist for Glenigan, said: "The downturn in private housing project starts during the latter half of 2010 has continued into 2011 amid pessimism about the strength of the housing market."

The monthly Index is compiled based on figures for construction activity of all types throughout the preceding three months.

Based on its analysis, Glenigan says it aims to highlight the trends that are likely to shape the sector for the next two years.

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