Monthly construction output is estimated to have grown by 0.4% in volume terms in November 2024.
This follows an upwardly revised decrease of 0.3% in October 2024.
This increase in monthly output came from rises in both new work (0.3%) and repair & maintenance (0.5%).
The main contributors to the monthly increase were private commercial new work and non-housing repair & maintenance, which grew by 3.1% and 1.1%, respectively.
Across the three months to November 2024, the ONS estimates that construction output increased by 0.2%. This came solely from a 0.4% increase in new work as repair & maintenance was flat (0.0%) over the period.
Scott Motley, head of programme, project and cost management at Aecom, commented: “These figures reflect the immediate aftermath of the budget, so it’s positive to see that construction activity picked back up quickly following a period of planning hiatus.
“Further challenges have since developed though. Even prior to recent changes in government borrowing costs, which will impact the Treasury’s ability to fund the commitments made in the budget, forecast demand suggests any growth in 2025 will be subdued. Construction output growth had been forecast at around 2.5% this year, but we’re anticipating downward revisions to that figure over the course of the winter.
“As we await a tempering in the financial markets, recent volatility is a fresh reminder of the need for the property industry to bridge the gap between public and private sector if we are to breed confidence in proposals and inward investment.”
