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Construction sector set to boost UK GDP

It has been revealed today that second quarter growth in the UK construction industry was 8.6% against an initial forecast of 6.6%. This 2% improvement is fairly large although overall it will only revise GDP growth upwards by about 0.1% points. So it looks as if it is safe to assume that UK GDP growth in the second half of 2010 was actually 1.2% against initial indications of around 1.1%. Can we now assume that the construction sector has turned a corner?

In a perfect world you would expect the momentum which has gathered in the UK construction sector to continue for the foreseeable future. However, when you also bear in mind that the UK government, via various public sector construction projects, has an enormous influence on the UK construction sector then the situation may not be as rosy in the short-term as we might have hoped.

Already we have seen a number of school projects cancelled, road expansions put on the back burner and a number of other publicly funded construction projects fall by the wayside. This situation is unlikely to change in the short to medium term meaning that the void left in the UK construction sector will need to be filled by private-sector business.

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