Britain building for recovery
Construction
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HunBuild Ltd
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September 17, 2013
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Official figures showed output growth for the industry of 2.2 per cent in July compared with the previous month, 2 per cent up on the previous year, raising hopes that it will fuel faster expansion of the wider economy between July and SeptemberThe volume of new orders is estimated to have jumped 19.8 per cent between the first and second quarter. Housing recorded its fastest growth in orders for nearly three years while in volume terms the £4billion worth of orders placed is the highest since 2007.
Investec economist Phil Shaw said the construction rebound was coming from a very low base, with output running 14.1 per cent below its pre-crisis peak in early 2007, but added: “The clear message is that the recent renaissance in the sector is not just a flash in the pan.”IHS Global Insight economist Howard Archer said: “Improving construction activity adds to the evidence that UK growth is becoming more broadly based, which is important for sustained expansion.”
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