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The retail sector failed to live up to expectations in the third quarter, with business intelligence provider Glenigan recording an 18 per cent year-on-year decline in the value of underlying project starts (those worth £250k to £100m) across the UK as a whole.
The education sector’s dismal run continued with the third quarter of 2012, with the total value of underlying starts (those worth £250k to £100m) falling by 38 per cent compared with the same period of 2011.
The retail sector stabilised in the last quarter of 2012 following the contraction recorded in the previous quarter. Underlying project starts (those worth £250k-£100m) tentatively rose 9 per cent during Q4 compared with the corresponding period of 2011, according to the latest figures from business intelligence provider Glenigan.
The third quarter of 2012 may just have marked the peak in terms of year-on-year growth in the private housing sector, with the value of underlying starts (valued at £250k-£100m) rising by 57 per cent compared with the same period a year earlier, according to business intelligence provider Glenigan.
Activity in the offices sector steadied during the third quarter of 2012 after dramatic year-on-year growth in the first half of the year. The value of underlying starts (£250k-£100m) grew by 5 per cent over the period to total £516m, according to intelligence provider Glenigan.
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Although the value of underlying hotels & leisure starts (those worth £250k-£100m) continued to contract in the third quarter of last year, the rate of year-on-year decline slowed to 10 per cent, compared with 31 per cent in Q2.
The industrial sector is continuing its recovery from bit-part industry player to a significant source of work for HVAC firms, building on a solid start to 2012 by posting a 52 per cent year-on-year rise in the value of underlying starts (worth £250k to £100m) during Q2 2012.
As expected, the return to year-on-year growth in social housing seen in Q1 2012 did not persist into the second quarter, in which the value of underlying starts (valued from £250k to £100m) declined 20 per cent compared with the same period 12 months earlier.
The contraction in education work continued to accelerate in the second quarter of 2012, with project starts falling 30 per cent compared with the same period of last year to hit £1.14 billion.