Economic Buzz: UK Construction Output Fall In June

12 Aug 2022 , 04:25 PM

UK monthly construction output decreased 1.4% in volume terms in June 2022, following an upwardly revised 1.8% increase in May 2022, with both months affected by the timing of the Jubilee bank holiday; this is the first decrease since October 2021 (0.9%) following seven consecutive months of growth. The decrease in monthly construction output in June 2022 came from falls in both new work (2.0%) and repair and maintenance (0.2%). The level of construction output in June 2022 was 2.9% (?414 million) above the February 2020 pre-coronavirus pandemic level; repair and maintenance work was 12.6% (?626 million) above the February 2020 level while new work was 2.2% (?212 million) below its February 2020 level. Despite the monthly decrease, construction output increased 2.3% in Quarter 2 (Apr to June) 2022, with increases seen in both new work and repair and maintenance (3.3% and 0.8%, respectively). Total construction new orders decreased 10.4% (?1,355 million) in Quarter 2 2022 compared with Quarter 1 (Jan to Mar) 2022; this is the largest quarterly fall in construction new orders since Quarter 4 (Oct to Dec) 2020 (11.7%). The annual rate of construction output price growth was 9.6% in the 12 months to June 2022; this was the strongest annual rate of price growth since records began in 2014.Powered by Commodity Insights