UK construction output unexpectedly drops
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UK construction output contracted by 0.7% year-on-year in October 2024, falling short of market expectations for no change and following a 0.4% decline in the previous month.
Repair and maintenance activity led the dip The drop was mainly attributed to a decrease in repair and maintenance activity (-1.3% vs. +0.4%), despite a rise in new work (0.2% vs. -0.2%). Four out of nine sectors experienced declines, with private housing repair and maintenance being the largest contributor to the overall decrease.
UK construction output unexpectedly drops
This marked the second consecutive monthly decrease and the seventh this year, driven by a third straight month of falling new work (-1.2% vs. -2.7% in September). Additionally, repair and maintenance activity dropped for the first time in over four years (-0.2% vs. +2.8%). On a monthly basis, construction output fell by 0.4%, the first decline in three months, after a 0.1% increase in September.Repair and maintenance activity led the dip The drop was mainly attributed to a decrease in repair and maintenance activity (-1.3% vs. +0.4%), despite a rise in new work (0.2% vs. -0.2%). Four out of nine sectors experienced declines, with private housing repair and maintenance being the largest contributor to the overall decrease.