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New project start figures for the first months of the year paint a dismal picture for the construction鈥檚 prospects in 2023. 

Research by information firm Glenigan shows the value of underlying work starting on site in the three months to February was 22% lower than the preceding three months and 40% down on the same period last year. 

The decline was led by residential construction, which dropped back 27% on the previous three months and 43% on the year prior, with private housing performance particularly weak 鈥� down 39% on the previous year. 

Project starts on both non-residential and civil engineering jobs also fell against the previous three months, by 19% and 8%, respectively, and on the previous year, by 38% and 17%. 

Allan Wilen, Glenigan鈥檚 economic director, said many would be 鈥渄isappointed鈥� to see performance levels continuing to fall but that it was 鈥渉ardly surprising鈥� given the state of the economy more broadly. 

鈥淐onsumers and investors are spending thriftily with many holding back until a degree of certainty returns,鈥� he said. 

鈥淭his is having a knock-on effect for the construction sector, prompting many contractors to follow suit and ride out the storm before committing shovel to soil.鈥� 

He added that 鈥渋mproved political stability鈥� and the expectation that interest rates will not rise 鈥渁s significantly as initially feared鈥�, combined with government commitment to major infrastructure investment, would provide a 鈥渟hot in the arm鈥� for the second and third quarters. 

Regionally, Yorkshire & the Humber suffered the heaviest fall in project starts, 61% down on last year, while the North-east was the bright spot, increasing 19% against the precedent three months 鈥� though it too was down 20% on last year鈥檚 levels. 

Except for the South-east, which increased 5% against the preceding months, all others regions were down both on the previous three months and on the same period the year prior.