RMI output up 10%
Published: 07 December, 2009
UK: Repair and maintenance output was up 10% in the third quarter of 2009 according to Figures from the Office for National Statistics.
Construction output increased 2%, signalling the beginnings of a recovery in the sector. Repair and maintenance was the strongest performer. New work fell 4% and total volume of output was 11% down on last year.
Simon Rubinsohn, the Royal Institute of Chartered Surveyors' chief economist said: "The 2% gain in the third quarter masks a significant divergence between newbuild and repair and maintenance work."
The RICS is calling for reduction of VAT to 5% for repair and maintenance work as the improvement of existing stock becomes an increasingly important source of work for the industry.