Financial News: UK Construction Activity Expands Most In 14 Months

UK Construction Activity Expands Most In 14 Months

05/07/2024 - 07:34:00 (RTTNews)

(RTTNews) - The British construction sector advanced at the quickest pace in more than a year in April, largely due to solid rates of growth in the commercial and civil engineering segments, survey results from S&P Global showed on Tuesday.

The Construction Purchasing Managers' Index, or PMI, rose to 53.0 in April from 50.2 in March. A reading above 50 suggests expansion in the sector.

Among the three main categories, commercial building activity logged the fastest-growing segment, which grew for the first time in fourteen months on the back of rising workloads and a turnaround in customer demand.

The civil engineering segment advanced at the strongest pace in nine months, while house building activity declined due to sluggish market conditions and the impact of elevated borrowing costs.

New orders grew for the third successive month in April, though the rate of decline has eased slightly since March.

Construction companies also reduced workforce numbers, linked to the non-replacement of voluntary leavers due to cost pressures and the completion of major projects. Meanwhile, supplier performance has improved at the fastest pace since December last year.

On the price front, input price inflation was only modest and well below the long-run survey average.

"Business activity expectations for the year ahead picked up slightly in April, supported by a sustained recovery in new orders, positive signals for sales pipelines, and anticipated interest rate cuts in the second half of 2024," Tim Moore, economics director at S&P Global, said.

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