The Office for National Statistics (ONS) has reported that construction output grew by 0.4% in August 2024, following an unrevised fall of 0.4% in July 2024 along with the monthly real GDP reportedly growing 0.2% in the same month after showing no growth in July.
The ONS also reported that real GDP is estimated to have grown by 0.2% in the three months to August 2024 compared with the three months to May 2024.
Meanwhile, services output grew by 0.1% in August 2024, following an unrevised increase of 0.1% in July 2024, and grew by 0.1% in the three months to August 2024.
What’s more, production output grew by 0.5% in August 2024, following a revised fall of 0.7% in July 2024, but showed no growth in the three months to August 2024.
Commenting on the findings, Dr David Crosthwaite, chief economist at BCIS, said: “There is positive news with the latest GDP release. Whole economy output has returned to growth in August after two months of flatlining, making GDP 1% higher than the same time a year ago.
“Even better news for construction, which saw a 0.4% uptick in output in August, largely due to better weather through the month.
“On a quarterly basis construction output increased by 1%. The increase was led by growth in new work output (1.7%) as growth in repair and maintenance stagnated, with growth in infrastructure output (2.7%) being the main contributor to the uplift.
“The government’s Autumn Budget will make a significant difference to how the industry fares going into 2025. I hope the Chancellor is going to be bold and deliver on Labour’s pledges for housing, infrastructure investment and decarbonisation. Crucially, I hope the government doesn’t delay already critical decisions even longer.”
