Fall in RMI building work reflects consumer unease, say FMB
Posted: Tuesday, December 3rd, 2024
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 a challenging few years.” He believes the 2% growth in new work in Q2 indicates growing market confidence. The 0.6% fall in repair and maintenance shows the building industry is not out of the woods yet. 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, 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. If the government is serious about meeting its ambitious goals, it needs a long-term plan to tackle the ongoing skills crisis and a concerted effort to diversify the housing market by supporting SME builders.
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