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Survey Says Construction is on Solid Foundation

LONDON-The UK construction industry is shrugging off fears of recession as its rebound from the post September 11 dip continues.

By Charlie Jacoby | Updated on July 04, 2002

LONDON-The Royal Institution of Chartered Surveyors report for the second quarter of the years says that, in contrast to gloom in manufacturing and turmoil on the financial markets, construction is holding firm. In quarter two 21% more surveyors reported a rise in workloads than a fall, up from 14% in quarter one.

Chartered surveyors are among the first to see ahead in construction because they become involved in projects at the proposal stage.

Much of this growth has been generated by the private housing sector. Rapid house price rises over the past year and a general shortage of housing stock have prompted house builders to increase their output of new homes. 33% more surveyors reported a rise in the private housing sector than reported a fall. This is accompanied by an unspectacular but steady 11% in public works, underpinned by increased public spending in health and education.

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