UK construction companies indicated an uneven recovery in business activity at the end of 2017. A robust rise in residential building contrasted with falling work on commercial projects and stagnating civil engineering output. There were positive signals for the near-term business outlook, with new order growth reaching a seven-month high and job creation the strongest since June. However, intense supply chain pressures continued across the construction sector, while input cost inflation picked up from November’s 14-month low.
The seasonally adjusted IHS Markit/CIPS UK Construction Purchasing Managers’ Index (PMI®) posted 52.2 in December, down from 53.1 in November but above the 50.0 no-change threshold for the third month running. As a result, the latest reading signalled a moderate expansion of overall construction output at the end of 2017. Survey respondents indicated that house building remained a key engine of growth, with residential work expanding for the sixteenth consecutive month in December.
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