Business investment on buildings and structures has fallen by a record 35.4%, according to new government figures.
The figures show a Q2 spend of £11.8bn, down from £18.3bn in Q1. Q1 figures were already 6.6% down on the record investment volumes on property seen in the last quarter of 2019, when £19.6bn was recorded.
The figures form part of the government’s data on gross fixed capital formation, a way of identifying investment volumes and a key component in the calculation of GDP. GFCF fell by 26.5% quarter-on-quarter.
While steep, the capital outlay is unsurprising given the economic downturn and lockdown restrictions on movement which will have stymied the ability of individuals and companies to invest money into commercial buildings and land.