the gloomiest forecast yet for construction's prospects in 2002/3 has been published by Martin Hewes. It predicts that output will fall 1.9% this year, and that the commercial and industrial sectors will be worst hit.
The report follows three others last week that predicted slowing output growth. Hewes' report said new work would suffer the most, with repair and maintenance contracts largely unaffected.

It does, however, predict that output will recover slightly next year, growing 0.7%, and that it will increase 3.5% in 2004.

  • Tender prices rose 12.3% in the year to September 2001, despite inflation being 1.8% at the time, according to a RICS report out this week. The report said the dramatic increases were temporary and that prices would fall this year.