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24/06/2003
Slowdown expected for construction sector
The growth rate of the UK construction industry is set to halve in 2003, according to the latest forecast from analysts Experian Business Strategies.
Growth of 8% is forecast for the current year, which will slow to 4% in 2004 and then down to 3% for 2005.
Jane Croot, Experian Business Strategies' Associate Director, explained: "Over the next two or three years, the growth in Government spending is likely to be weaker, a slowing housing market will cause housebuilders to be more cautious, and a subdued office market will lead to a fall-out in construction in the southern regions."
She continued: "Between now and 2005, office construction in the south is likely to move into recession. In most northern and central regions, which are not so dependent on office construction, and where office markets are still relatively healthy, commercial construction is not expected to fall. But all regions are likely to see a moderation in growth next year and 2005."
(CL)
Growth of 8% is forecast for the current year, which will slow to 4% in 2004 and then down to 3% for 2005.
Jane Croot, Experian Business Strategies' Associate Director, explained: "Over the next two or three years, the growth in Government spending is likely to be weaker, a slowing housing market will cause housebuilders to be more cautious, and a subdued office market will lead to a fall-out in construction in the southern regions."
She continued: "Between now and 2005, office construction in the south is likely to move into recession. In most northern and central regions, which are not so dependent on office construction, and where office markets are still relatively healthy, commercial construction is not expected to fall. But all regions are likely to see a moderation in growth next year and 2005."
(CL)
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