Construction forecast to fall by nearly 5% this year

Construction output is now expected to fall by nearly 5% this year after economists at the Construction Products Association sharply downgraded forecasts.
The big downward revision from -0.4% forecast just last summer and -3.9% forecast in the autumn is mainly due to the impact of a wider economic recession, rising interest rates and inflation.
Two of the three largest sectors of activity, private housing new build and housing repair, maintenance and improvement, are forecast to be the worst aff