Monthly construction output fell by 0.4% in volume terms in October 2024, data from the Office for National Statistics (ONS) has revealed.
This followed an increase of 0.1% in September,
The decrease in monthly output came solely from a fall in repair and maintenance (1.3%) as new work grew by 0.2%.
At the sector level, four out of the nine sectors fell in October 2024; the main contributor to the monthly decrease was private housing repair and maintenance, which fell by 3.8%.
Construction output was estimated to have increased by 0.4% in the three months to October 2024; this came solely from an increase in new work (1.7%), as repair and maintenance fell by 1.2%.
Isaac Stell, investment manager at Wealth Club, said: “Services output, the engine room of UK economic growth, recorded no growth in October, while production and construction declined by 0.6% and 0.4% respectively.
“This latest reading further compounds the negativity surrounding the Government’s latest Budget following the increase in taxes on businesses which will potentially slow growth even further.
“With more and more companies stating they will cut back on hiring and investment to deal with the rising costs related to the Budget, the question will be, where will growth actually come from?
“However, given this latest decline, there is a real possibility that the Bank of England could cut rates at their December meeting, helping to deliver some much-needed festive cheer to the UK PLC and consumers alike.”
