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Financial News: UK Construction Activity Shrinks For Second Month

UK Construction Activity Shrinks For Second Month

09/06/2022 - 07:58:00 (RTTNews)

(RTTNews) - The UK construction activity shrank for the second successive month as cost pressures and economic uncertainty dampened demand, survey data published by S&P Global showed Tuesday.

The Chartered Institute of Procurement & Supply construction Purchasing Mangers' Index unexpectedly rose to 49.2 in August from 48.9 in the previous month. The reading was forecast to fall to 48.0.

Nonetheless, the index still below the 50.0 no-change mark suggested a reduction in construction activity over the past two months.

As seen in July, civil engineering logged the sharpest decline in activity of the three monitored categories. Commercial activity also weakened in August, ending a period of growth stretching back for a year-and-a-half.

Meanwhile, activity on housing projects increased for the first time in three months, albeit fractionally.

The survey showed that new orders increased only marginally in August and to the least extent since June 2020. Concerns about wider economic prospects led to a drop in business confidence and slower job creation, while firms' purchasing activity declined.

There were signs of inflationary pressures moderating midway through the third quarter. Input costs continued to rise sharply reflecting higher fuel prices, but the rate of inflation softened to the weakest since February 2021.

Likewise, the pace of increase in sub-contractor rates softened, and was the slowest in 16 months, the survey showed.

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