One of the interesting points about the surprise increase of 1.1% in second quarter UK GDP is that ‘Construction output rose 6.6 per cent in the second quarter, compared with a decrease of 1.6 per cent in the previous quarter.’
The figures are seasonally adjusted, but I wonder if the methodology is robust enough to cope with the very unusual weather we have had this year – builders were basically just catching up with work they would have been doing were it not for all the ice & snow & blocked roads in the first months of the year.
There are certainly not many signs round here of any pick up in building work.
