Strongest house-building since 2008 lifts UK fourth-quarter construction

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British construction output rose modestly in the fourth quarter of 2013, led by the greatest amount of new housing since the first quarter of 2008, providing some evidence that builders are responding to rising property prices.

The country’s construction sector — which accounts for 6.3 per cent of gross domestic product — has benefited from a sharp pick-up in the housing market which has been supported by government-sponsored schemes and record low interest rates. ‘Good news for the economy on the construction front with a … rebound in output in December providing reassurance that the sector’s recovery remains firmly on track,’ said Howard Archer, chief UK economist at IHS Global Insight.
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