Construction industry review 2002, outlook 2003

Publication Year

2002

Document Status

Withdrawn

Abstract

After a period of vigorous expansion, which lasted from 1994 to 1999, growth in construction output has moderated since 2000, reflecting the general downturn in economic activity. With a projected decline in output of almost 1% for 2003, vulnerabilities in the construction industry are clearly evident. What output growth there has been since 2000 has been underpinned by record levels of house completions and high levels of investment under the Public Capital Programme. Increased competition for work within the sector has seen a sharp and continuing decline in construction inflation, which is estimated at 4% for 2003. Direct employment levels in the sector continued to grow up until the end of 2002 when they peaked at just over 19,000.

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