Forecasters have lowered construction growth predictions for this year and next owing to a slowdown in Q3 housing and commercial activity.
The association has predicted output growth of 3.6% in 2015 and 3.8% in 2016, lowered from the summer forecasts’ expectation of 4.9% and 4.2% respectively.
The revisions were made in response to data from the Office for National Statistics, released in November that suggested construction output fell by 2.2% in Q3 compared with Q2.
The CPA credited this slowdown primarily to weak results in housing and commercial activity.
The value of construction contracts in London in November 2014 came in at £1.2 billion, according to Barbour ABI’s latest Economic and Construction Market Review.
Karen Blanford, Research Director, and Danielle Cummings, Senior Economist, Global Construction Service, IHS Global Insight, provide an overview of the construction sector in Brazil and the aims of the Growth Acceleration Programme.