The seasonally adjusted IHS Markit/CIPS UK Construction Purchasing Managers’ Index (PMI®) fell sharply from 51.4 in February to 47.0 in March, to register below the 50.0 no-change threshold for the first time in six months. Moreover, the latest reading signalled the fastest overall decline in construction output since July 2016. Where a drop in work was reported, survey respondents noted that unusually bad weather had disrupted staff availability and activity on site.
UK Construction PMI fell below level of 50.0
- Wednesday, Apr 04 2018
March data revealed a setback for the UK construction sector following five months of marginal business activity growth. However, survey respondents noted that unusually bad weather conditions had been a key factor behind the drop in construction output, with snow-related disruption having a particularly negative impact on civil engineering projects. Business activity expectations and job creation both picked up in March, which provides a clear signal that construction firms anticipate a rebound in activity during the months ahead.