The seasonally adjusted IHS Markit/CIPS UK Construction Purchasing Managers’ Index (PMI) posted 50.2 in January, down from 52.2 in December. The figure was just above the neutral 50.0 no-change mark, thereby signalling a fractional rate of growth that was the weakest for four months. The latest data signalled that the sector’s main driver of growth in recent months, house building, slipped into decline, ending a 16-month expansion.
UK Construction PMI down to 52.2
UK construction companies reported a subdued start to 2018, with total industry activity barely rising. A return to contraction in residential building activity was accompanied by near-stagnant commercial and civil engineering activity. New orders declined, linked by many companies to market uncertainty. On a more positive note, confidence towards future growth prospects improved, with many firms anticipating an increase in new project wins later in the year. Meanwhile, intense cost pressures continued across the UK construction sector.
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