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New homes down, offices up in first Brexit month
23rd August 2016

The Government’s new targets for housebuilding saw a less than optimistic start with orders for 2,000 fewer new houses in July over the month before.

The decline, amounting to 7%, was offset by office and commercial building contracts, which put on 22% or £648million in the same period.

The figures, from industry analyst Barbour ABI, represent the first full month since the referendum vote to leave the EU and also show a sharp decline in infrastructure contract value.

The Industrial sector also performed well in July with its value the highest it’s been so far in 2016, reaching £564m, greatly helped by the commissioning of Reckitt Benckiser £100 million new global centre for scientific excellence in Kingston upon Hull.

Michael Dall, lead economist at Barbour ABI, said: “In the first full month since the vote to leave the European Union, the value of construction projects reaching contract award stage declined in July. This is unsurprising given the uncertainty in the economy. However, it is the infrastructure sector which has performed particularly poorly this month and with the change in narrative from the current Government, it puts more emphasis on any fiscal stimulus that they may be planning to make.”

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