Official statistics show new orders in third quarter of 2012 down 6.7% on Q3 2011
The third quarter of 2012 saw the third lowest level of new orders on record, according to official statistics published today.
Total orders in the third quarter increased 5.4% on the second quarter to 拢10.2bn, but it was still the third lowest level of new orders on record and 6.7% down on the level in the third quarter of 2011.
Infrastructure orders rose 31.4% from the second quarter to 拢2.5bn with railways increasing 79.1%. This was an increase of 43.8% in infrastructure orders on the same period last year.
However, the volume of private commercial orders fell 6.7% from the second quarter to 拢2.6bn.
Simon Rawlinson, head of strategic research at consultant EC Harris, said the 5% increase in total orders masked 鈥渁 deep malaise in the commercial sector鈥�.
He added: 鈥淭otal new orders in the third quarter returned to the 鈥榥ew normal鈥� levels that have been seen in the industry since the beginning of 2011. This is an improvement on the dire figures seen in September, but provide little replenishment for the hungry supply chain.鈥�
Rawlinson said the fall in private commercial orders was 鈥渟hocking鈥�. 鈥淚n real terms, these are the worst quarterly figures seen since 1979 鈥� hardly a comforting thought,鈥� he said.
He described public sector and private housing levels as 鈥渟table鈥� sand that increases in infrastructure orders did not necessarily amount to a pattern of sustained growth given the sector鈥檚 鈥渓umpy pattern of sales鈥�.
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