The UK construction industry suffered a slight slowdown in growth during July 2014. The industry had been undergoing rapid growth for the past 12 months, but July’s growth figure was down to 2.6% on last year’s figures – the smallest growth percentage since November 2013. Of course 2.6% is still a significant percentage, but the industry is not growing at the breakneck speed it was a few months ago.
In addition, the ONS figures showed that there was zero industry growth between June and July 2014. Nevertheless, new construction orders grew during July 2014, which surely shows promise for the industry. There was a 20.8% increase in infrastructure orders, a 9.6% rise in private commercial orders, and a 7.3% increase in public new housing versus Q1 figures.
The figures are particularly promising because they show growth in orders for office building and infrastructure. The housing market may be the dominant force in construction, but other areas of the industry are beginning to contribute more to its recovery. Therefore, it appears that we’re finally beginning to see a more balanced recovery.
Nevertheless, job costing software remains a valuable tool for construction companies even when business is going well. Construction accounting software allows you to keep track of the costs that accrue during each job, and identify areas of potential saving. As raw material costs and skills shortages continue to worsen, equip yourself with the tools required to run your business most efficiently. Arrange a free demo of Integrity Software today.