CONSTRUCTION output continued to grow in the final three months of last year – but at a slower rate.
The RICS' construction survey found that a balance of 18% of surveyors reported a rise in workloads in the three months to December, down from 20% in the third quarter of last year.

The report said surveyors were still confident that output would expand over the next 12 months but they had been more gung-ho before.

The main threat to the industry appeared to be a slowdown in residential output caused by a weakening housing market and the effects of slower economic growth.

The report said there was also a modest drop in skill shortages as labour demand eased. Earlier shortages had led to wage increases that peaked in July at 6.8%, although this figure fell to 4.8%.