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.”
ENDS
NOTE TO EDITORS:
The Construction Products Association represents the UK’s manufacturers and suppliers of construction products, components and fittings. The Association acts as a single voice for the construction products sector, representing the industry-wide view of its members. The sector has an annual turnover of more than £40 billion and accounts for over 1/3 of total construction output.
FOR FURTHER INFORMATION CONTACT:
Noble Francis
Economics Director
Construction Products Association
Tel : 020 7323 3770
Fax : 020 7323 0307
Mobile : 0791 261 2882
E-mail : noble.francis@constructionproducts.org.uk
Jeff May
Marketing and Communications Manager
Construction Products Association
Tel : 020 7323 3770
Fax : 020 7323 0307
Mobile : 0790 447 6166
E-mail : jeff.may@constructionproducts.org.uk
Follow the Construction Products Association on Twitter: https://twitter.com/CPA_Tweets