LONDON, June 4, 2014 /PRNewswire/ --- Comment to be Attributed to Michael Dall, Lead Economist at Construction Intelligence Experts Barbour ABI.
Michael Dall, lead economist at construction intelligence experts Barbour ABI, commented: "With economic output only 0.6 per cent below its pre-crisis peak in Q1 2008, there is no question that the economy is experiencing a growth phase. However, this latest Markit/CIPS UK Construction PMI announcement indicates that the rate of growth may be slowing.
"While private housing continues to drive resurgence in the construction industry, boosted by government initiatives such as Help to Buy, a fall in mortgage approvals announced yesterday also suggest that the housing market may be cooling. This is slightly concerning as so much of the recent growth in construction activity is concentrated within the housing sector. An upturn in other key sectors - particularly private commercial and infrastructure - is vital for a stronger and more durable recovery.
"In addition, there have been reports recently of skills shortages affecting the construction industry. Addressing these supply-side constraints is crucial to ensure the long-term health of the industry going forward."
Barbour ABI is an expert provider of market intelligence for the Built Environment sector, having a long history in helping the community to grow its business. Its reputation is built and maintained by the in-house team of market researchers who have excellent working relationships with planning authorities and other relevant information providers, including Government departments.
The company was recently appointed by the Office for National Statistics (ONS) to provide Construction New Orders data, a key indicator of the health of the Built Environment industry for the UK economy. Last year, the firm was appointed to collate, maintain and publish the UK Government's Construction and Infrastructure Pipeline, the forward programme of publicly-funded construction. Barbour ABI also produces the CPA/Barbour ABI Index monthly alongside the Construction Products Association (CPA), and is the chosen data provider for the CPA Forecasting Panel.
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SOURCE Barbour ABI