Latest Office of National Statistics Figures
The Office of National Statistics (ONS) recently released figures suggesting the Construction industry has seen a downturn during the first quarter of 2016, with their research apparently demonstrating a 1.1% drop in the amount of work completed, with the figures further breaking down to show a 0.6% decrease in all new projects and a 1.9% decrease in repair and maintenance works.
The report has however been questioned by many prominent figures in the industry, with some claiming that the data doesn’t reflect what is happening on the ground. In fact, a number of reports that counter the statistics have been so convincing that the ONS has started to develop a report that will examine why the figures they have compiled differ so much from the experiences of those working in the industry.
As an industry we now expect the ONS figures to be revised upwards following the completion of their report, with Professor Noble Francis, economics director at the Construction Products Association, commenting: “All other surveys of activity across the entire construction industry supply chain, from the largest contractors to the smallest SMEs, have reported an increase in activity during the first quarter of the year compared to the previous quarter and the previous year.”
The issue raises some interesting questions about the quality of the data that the ONS produces and why their figures seem to be so out of line with those produced by organisations in Construction.
Almost all in the industry, particularly Specialist Contractors, are reporting continued growth in demand even with the continued uncertainty that surrounds Britain’s possible exit from the European Union.
Construction Link aims to support the continued growth in UK Construction by delivering a streamlined procurement platform that connects Professionals with Specialists who can offer them the services needed. Our growing community indicates that the industry is indeed on the rise and we urge both Specialists and Professionals to get involved and discover the benefits of what our platform has to offer.