Recent data on the construction industry has shown that there have not been enough property development projects undertaken to help boost the country's economic recovery.
Latest figures from the Office for National Statistics show that £7.609 billion was spent on building initiatives last month.
This is a step from the £7.004 billion spent during January 2011 but lower than the figure in November 2010 (£8.996 billion).
The Royal Institution of Chartered Surveyors (Rics) stated that while the figure rebounded from January 2011 to the following month, "the latest reading is still only marginally above the December number (£7.515 billion), which was adversely affected by heavy snowfall".
Chief economist of Rics Simon Rubinsohn went on to say the figures mean the industry will "contribute negatively to the first quarter gross domestic product growth".
Therefore, it will not have a positive impact on the UK's economic recovery as there have not been enough investment property projects going ahead.
Source: http://www.ukbusinessproperty.co.uk
Latest figures from the Office for National Statistics show that £7.609 billion was spent on building initiatives last month.
This is a step from the £7.004 billion spent during January 2011 but lower than the figure in November 2010 (£8.996 billion).
The Royal Institution of Chartered Surveyors (Rics) stated that while the figure rebounded from January 2011 to the following month, "the latest reading is still only marginally above the December number (£7.515 billion), which was adversely affected by heavy snowfall".
Chief economist of Rics Simon Rubinsohn went on to say the figures mean the industry will "contribute negatively to the first quarter gross domestic product growth".
Therefore, it will not have a positive impact on the UK's economic recovery as there have not been enough investment property projects going ahead.
Source: http://www.ukbusinessproperty.co.uk
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