NuGen Properties

Construction output down 0.5% in October


Heavy rains led to delays in October

The Office for National Statistics reports that monthly construction output is estimated to have decreased by 0.5% in volume terms in October 2023, compared to the previous month.

This follows an increase of 0.4% in September 2023, with the monthly value in level terms in October 2023 at £15,485m.

But the warm dry weather seen in September did not last into October. Anecdotal evidence suggested that heavy rainfall and strong winds led to delays in planned work in October.

The decrease in monthly output came solely from a decrease in new work (1.7% fall), partially offset by an increase in repair & maintenance (1.3%) on the month.

Over the three months to October 2023, construction output in Great Britain decreased by 0.3%. This came solely from a decrease in new work (2.0% fall), as repair & maintenance increased by 2.2%.

Fraser Johns, finance director at Beard Construction said: “While wet and stormy conditions will certainly be a contributing factor to October’s drop in output, it’s the potential storm clouds brewing in the wider economy which is having the biggest impact on both confidence and demand. There are positive indicators – inflation coming down, a hold on interest rates and the availability and pricing of supplies. However, borrowing conditions still remain particularly tough, as evidenced by the continued slowdown in the house-building sector and the ability of clients to pull the trigger on new projects.

“As new work dips for the month and in the three-month picture, it is not a surprise to see a rise in repair & maintenance. While this can reflect the uncertain climate we find ourselves in, it is also a sign of clients actively choosing to maximise the value of existing building stock.”

Got a story? Email [email protected]



Source link


Customer Reviews

Nugen Properties

Customer Reviews

Dan Morten 18/01/22

Google
Easy to work with, Jordan and the team were professional and were easy to communicate with.
Would highly recommend.

Di Hayes 20/08/22

Google
NuGen Properties built an extension to the rear of my property, replacing the old conservatory. I am so pleased I chose this company. From the initial quotation, through the build and after they were professional, polite & well mannered. They kept the site tidy throughout the build and kept me informed of each stage as it happened. The work was finished to a good standard and I have had nothing but compliments on their work. I am already planning for them to come back and do some more work for me in a few months. I would 100% recommend them.

Bradley Eyles 20/06/23

Google
Nugen were fantastic throughout the works they carried out on my property, Jordan provided constant updates and ensure any questions I had were always answered. All works were completed in a timely fashion, on budget and exceptional customer service. Highly recommend!

Sonny Carter-heyward 29/02/22

Google
Brilliant service, renovated my house to make a dream a reality. Thanks guys

sitemanager 22/01/23

Google
Great firm to communicate with fast and good quality work.