Construction unexpectedly declines in March quarter

Housing, non-residential and infrastructure construction all declined in the first quarter, defying expectations of growth and casting a cloud over next week’s first quarterly GDP numbers.

Going up slowly: Shortages and delays hampered home-building in the first quarter - but the industry says this will prolong activity, even as interest rates rise. “In a usual cycle, we would expect moderate quarter-on-quarter growth to be showing at this point,” said Tim Hibbert, BIS Oxford Economics’ head of property and building forecasting.

, triggering a “shallow” 20 per cent decline in home building over the next three years, took a glass-half-full response to Wednesday’s official figures.

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