GDP construction data

Alongside the GDP data, the ONS has also just published key construction data for Q2 and June 2023. Key points below. Any thoughts, send them across ASAP as this story is BREAKING.

• Monthly construction output is estimated to have increased 1.6% in volume terms in June 2023; this came from increases in both new work (2.0%) and repair and maintenance (1.1%) on the month. 
• At the sector level, six out of the nine sectors saw a rise in June 2023, with the main contributors to the monthly increase seen in infrastructure new work and non-housing repair and maintenance, which increased 4.7% and 3.4%, respectively.
• Quarterly construction output increased 0.3% in Quarter 2 (Apr to June) 2023 compared with Quarter 1 (Jan to Mar) 2023; the increase came solely from June 2023, with an increase in repair and maintenance (0.9%), while new work saw a decrease of 0.1%.
• Total construction new orders decreased 7.1% (£786 million) in Quarter 2 2023 compared with Quarter 1 2023; this quarterly fall came mainly from public other new orders and infrastructure new orders, which fell 32.9% (£576 million) and 26.5% (£519 million), respectively.
• The annual rate of construction output price growth was 4.6% in the 12 months to June 2023; this has slowed from the record annual price growth in May 2022 (10.4%).