The Office for National Statistics has revised up its construction industry figures, showing a lesser decline than first projected over Q1 and adding almost 0.1% to GDP growth over the three months to March.
The outlook for the UK construction industry has been given a boost following a revision of growth figures for the first quarter, showing a less severe contraction over Q1 than was previously suggested.
Figures published by the ONS have been revised to show a 4% contraction across the construction sector, rather than the 4.7% initially put forward, helping allay some fears over a weaker than expected construction sector recovery.
The knock-on effect on overall economic growth for the period is an upwards revision from 0.5% to just under 0.6% – roughly around the historical average quarterly growth of the UK economy.
The revision comes amidst calls from some in the industry for a rethink of methodology over the way construction figures are calculated, with suggestions that ONS results downplay the performance of the construction sector.
Concerns have been expressed that the current model on which the ONS reports construction figures produces results the conflict with those from similar surveys and industry reports.