CPA: Construction adds to economic growth
Today’s GDP figures, published by ONS, highlight that the UK economy grew by 0.8% in the third quarter of 2013 and construction grew 2.5% over the same period.
Commenting on these figures, Noble Francis, Economics Director at the Construction Products Association, said: “The GDP figures released today show that construction was a key contributor to UK economic growth in Q3 for a second consecutive quarter. This adds to increasing optimism that the industry is recovering from its worst recession in 35 years.
“The construction sector rose 2.5% in Q3 primarily due to private house building, boosted by Help to Buy, and infrastructure, driven by work on Crossrail, which is Europe’s largest construction project.
“Although output in the sector still remains 12.5% lower than it was five years ago, today’s GDP figures point towards recovery for the construction sector and the wider economy.”