The 0.6% fall in repair maintenance and improvement work within the building industry in the third quarter of 2024, according to newly released figures from the Office of National Statistics, reflects growing consumer unease, says the Federation of Master Builders (FMB).
Brian Berry, Chief Executive of the FMB commented: “The positive growth in the construction sector of 0.8% in the third quarter of 2024 is a welcome signal that the construction industry is starting to show signs of recovery, after what has been a difficult few years. The 2% growth in new work on Q2, is indicative of growing market confidence. However, the 0.6% fall in repair and maintenance shows the building industry is not out of the woods yet, and with the economy barely growing this could represent consumers being careful with their spending. New orders on housing are particularly worrying, given their significant fall over the quarter, this is despite the Government's efforts to build 1.5 million homes.”
Berry continued: “The new Government have made early announcements that they are prioritising housebuilding, with new targets set, and significant planning reforms announced. The Q3 data released today suggests the construction industry has reacted positively, but the Government must now keep up the momentum. A long-term plan is needed to tackle the ongoing skills crisis, as well as a concerted effort to diversify the housing market by supporting SME builders, if the Government is serious about meeting its ambitious goals.”
