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Construction output grows by 0.3 per cent in Q1

Construction output is estimated to have grown by 0.3 per cent in the first quarter of 2014 according to the latest GDP figures released by the Office for National Statistics.

The preliminary estimates for GDP in Q1 2014 show output to have grown by 0.3 per cent compared to Q4 2013. The increase marks a marginal bounceback from the 0.2 per cent fall seen at the end of last year.

The ONS said that there was some evidence to suggest that construction output was affected by the storms and rainfall seen in January and February, however it did not consider this to have any significant impact on quarterly GDP growth.

Compared to a year before however, construction output is estimated to have grown by 5.1 per cent, marking the fourth consecutive year on year rise.

The industry is now said to be worth 6.3 per cent of total GDP, which rose by 0.8 per cent in the quarter and was up 3.1 per cent compared to Q1 2013.

Change in gross domestic product is the main indicator of economic growth and in the UK. Across all industries, services rose by 0.9 per cent in Q1 2014, while production grew by 0.8 per cent and agriculture fell by 0.7 per cent.

Latest forecasts for construction output from the Construction Product Association, Hewes & Associates and Experian all point to a growth of above 4 per cent this year.

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