NEWS OCTOBER INDUSTRY UPDATE
The UK economy held up well in the run up to the Brexit vote but the Pound has suffered since then when compared to all major economies.
The Office of National Statistics (ONS) revised the estimate for the second quarter up to 0.7% growth, from the original ﬁgure of 0.6% following strong results in July and August.
The value of Sterling continued to fall after the referendum and is the worst performing major currency as markets reacted to the possibility of the UK leaving the single market.
While the construction sector has seen a fall since the referendum result it is not all doom and gloom as the sector shows resilience in difficult times.
Comparing August output levels with the same period in 2015, an increase of 0.2% was seen and while most sectors in construction saw a decrease, private commercial work increased by 1.5%. Infrastructure and public housing output saw the largest declines of 5.1% and 6.3% respectively.