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Financial News: UK Construction Growth Eases To 1-year Low In

UK Construction Growth Eases To 1-year Low In August

09/04/2017 - 04:57:00 (RTTNews)

(RTTNews) - UK construction activity growth eased to a one year low in August, survey data from IHS Markit showed Monday.

The Chartered Institute of Procurement & Supply/Markit construction Purchasing Managers' Index fell more-than-expected to 51.1 in August from 51.9 in July.

The expected score was 52. The reading signaled the weakest construction performance since August 2016.

The primary reason for the slowdown was reduced levels of commercial work, which offset robust growth in residential building.

Civil engineering activity was close to stagnation and commercial work dropped at the fastest pace since July 2016. Total new order volumes dropped for the second month, albeit at a slower pace.

"The sector hit a roadblock this month as purchasing activity slowed for the third month and new business wins were hard to come by. Reduced Government spending, economic uncertainty and Brexit-delayed decision-making among clients were largely to blame," Duncan Brock, Director of Customer Relationships at the Chartered Institute of Procurement & Supply, said.

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