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Financial News: UK Construction Growth Weakest In 4 Months

UK Construction Growth Weakest In 4 Months

02/02/2018 - 04:52:00 (RTTNews)

(RTTNews) - British construction activity expanded at the slowest pace in four months in January, survey results from IHS Markit showed Friday.

The IHS Markit/Chartered Institute of Procurement & Supply construction Purchasing Managers' Index fell more-than-expected to 50.2 in January from 52.2 in December. It was expected to fall to 52.0.

However, any reading above 50 indicates expansion in the sector.

Among sub-sectors, house building activity, the main driver of growth in recent months, declined for the first time in seventeen months.

At the same time, commercial building sector returned to growth territory in January and civil engineering activity rose slightly.

The rate of job creation eased to an 18-month low in line with the reduced growth of building activity.

New orders received by UK construction firms decreased slightly for the first time in four months amid general political and economic uncertainty.

On the price front, input prices inflation remained sharp in January, driven by higher prices of variety of materials such as bricks, copper and timber.

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