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Private housing boosts construction growth

Activity in private housing construction underpinned growth in workloads in the three months to October 2005, figures published by the Royal Institution of Chartered Surveyors today revealed.
New housing work expanded at a faster pace registering its biggest rise in 15 months.

Overall, new construction work showed a sustained rise with improved confidence for the next year following August's quarter per cent interest rate cut.

The Olympic Games in 2012 is expected to boost construction workloads in London and the south east over the coming year.

Whilst private commercial activity continued to rise it was at a slower pace as business demand for commercial property waned. And public sector work rose but at a slower pace than last year, despite predictions that government investment will continue to grow.

RICS chief economist Milan Khatri said: 'Housing activity has rebounded from a brief slowdown earlier in the year as stable demand has raised confidence. The construction industry continues to see steady growth despite a wider economic slowdown.'

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