UK building work slump deepens in April -data

Tue May 13, 2008 5:02pm BST
 
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LONDON, May 13 (Reuters) - Commercial building activity in Britain shrunk for a sixth straight month in April and was expected to fall further in the next three months, data showed on Tuesday.

Property services firm Savills (SVS.L: Quote, Profile, Research) said its Total Commercial Development Activity Index showed a net balance of minus 20.8 percent last month -- the lowest level recorded in the monthly survey's five-year history and evidence that the country's property downturn has further to run.

Almost a third of commercial developers and building contractors reported a fall in overall activity in April, compared with 12 percent who signalled a rise.

The data also showed respondents were more pessimistic than at any point since the data series began in 2003 about the three-month outlook for development work on offices, retail or leisure properties, and industrial and warehouse projects. (Reporting by William Kemble-Diaz; Editing by David Holmes)

 

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