Private-housing starts rebound

Private-housing starts increased by 37% in value in the three months to March 2010 compared with the same period a year earlier, according to the latest Glenigan Index. Project starts increased in the private and social-housing sectors.

Allan Wilen, economics director with Glenigan, says, ‘Many projects stalled by the bad weather in January and February have now started. Housebuilder confidence has been boosted by rising house prices and property transactions seen since last summer. The recent improvement is encouraging, and gradual strengthening in private resident construction is forecast for the coming months.’

The value of non-residential construction project starts in the three months to March was only 2% lower than the same period a year ago. Allan Wilen says, ‘An increase in retail, hotel and Olympic-related projects has helped offset the continued weakness of the private industrial and commercial sectors and a recent slowing in public-sector projects.’