Fears For Economy As Building Industry Slows

Fears For Economy As Building Industry Slows

PRESS ASSOCIATION -- Fears about the health of the UK's economy have been fanned after two key surveys revealed a worrying slowdown in the construction industry.

New orders fell by 16.3% in the second quarter of this year to their lowest level since 1980, the Office for National Statistics revealed.

And the sector grew in August at its slowest pace this year as the housing sector continued to contract and confidence hit its lowest level for seven months, according to a Markit/CIPS survey.

The surveys suggest the sector, which has seen strong growth in recent months, could be running out of momentum and will add to fears that the UK's economy is in danger of slipping back into recession.

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