The biggest loser: Real estate revenues drop 6.2% in Q1

Sticks out like a sore thumb among gainers.

The services sector recorded a heartening 4.9% rise in receipts for the first quarter, but the real estate industry remains down on its luck.

The real estate, leasing, and rental industry trailed behind other services when it comes to first quarter revenues, the Department of Statistics reported yesterday.

The real estate industry recorded a painful 6.2% drop in revenues for the first quarter of 2014, a sizable drop from its performance in the last quarter of 2013.

This is the biggest drop in revenues for the period, followed by business services with a 3.7% decline and transport and storage services with a 2.2% drop in revenue.

Other industries fared considerably better, with the highest turnover reported by education services at 19.9%, with financial and insurance services a far second at 3.2%.

Here’s more from the report:

Business receipts of the services industries, excluding wholesale & retail trade and accommodation & food services, remained at a similar level in first quarter 2014 compared to fourth quarter 2013.

The Business Receipts Index (BRI) for the services industries (excluding wholesale & retail trade and accommodation & food services) measures the changes in the amount of business or operating receipts on a quarterly basis. The BRI is compiled at current prices.

Business or operating receipts is the income earned from business operations, i.e. includes income from services rendered, sale of goods, commission fees, and rental of premises and machinery & equipment.