Construction sector stagnates in Q3

The construction sector in the UK saw very little positive movement during the third quarter of the year. Recent results from the Royal Institute of Chartered Surveyors (Rics) found that 59 per cent of chartered surveyors questioned had not seen any movement between the second and third quarters of 2010. A lack of funding and ongoing concerns over the economy were the two key factors that were affecting projects, according to respondents. Surveyor sentiments for the whole industry was negative, although public housing and public works were the worst rated, with negative net balances of -32 and -23 respectively. Rics chief economist Simon Rubinsohn said: “Government data shows the construction sector has rebounded more strongly than many anticipated but our latest survey casts considerable doubt on whether this improvement can be sustained.” The report follows the news from the UK Statistics Authority which announced recently that there was a nine per cent decline in the number of builds which began between Q2 and Q3 of this year.

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