Beard Construction comments on latest ONS Construction Output figures

Following the release of the latest ONS construction output figures, which shows an 0.2% increase in March and a quarterly increase of 0.7% in Q1 2023, here is a comment from Beard Construction.

Fraser Johns, finance director at Beard Construction said: “The story of Q1 as a whole was one of volatility as a lack of confidence carried over from last year, resulted in a difficult January and repair and maintenance making up for new work. However, March’s data shows the tide beginning to turn with an increase in new work offsetting a fall in repair and maintenance, and another increase in monthly construction output – the highest level since January 2010.

“As we’ve headed further into the year, there’s no question the outlook has improved, helping to alleviate some of the bottlenecks and cost pressures found on site and encourage greater confidence among clients and firms. It’s positive to see more clients committing to new projects once again and the likes of infrastructure new work and public other new work continuing to be key drivers. This certainly reflects what we’re seeing on the ground at Beard.

“Rather than ‘all systems go’, today’s news should be seen as positive progress. After all, there are still struggles across a number of key sectors such as housebuilding, and the stubborn nature of inflation is definitely creating pockets of uncertainty. In all cases, staying close to clients and stakeholders is essential, as well as adapting to opportunities in sectors that offer the greatest potential.”

Published: 12 May 2023