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A market update from Aecom, BCSA and Steel for Life that provides guidance on costing structural steelwork
Construction new work output fell by 7.5% on a yearly basis to November 2023. Repair and maintenance output rose by 14% across the same period. Combined, the resulting all work output measure increased by 0.9%. Repair and maintenance activity therefore continues to support the industry’s momentum and help keep total output levels respectable. Annualising the most recent output data highlights the weakness in construction new work output trends yet strength in repair and maintenance work. Similarly, the industry’s sub-sector data reveals a widening gap in the respective rates of change. The substantial fall in recorded private housebuilding volume compared with 12 months ago is having a notable effect on overall output data and will continue to influence this measure throughout 2024. Private commercial was the only sector of significant size that expanded over the year, although this was not enough to offset the falls elsewhere across the sub-sectors.
Construction sentiment indicators wilted over Q3 2023, as the enduring collection of broad and specific issues afflicting the economy eventually caught up with the construction sector. The prevailing mood up to the mid-point of the year was reasonably positive, as the construction sector continued to offer good activity levels. However, until inflation falls notably further and the bank base rate is eased, the effects of these two significant factors will weigh on construction demand.
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