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Financial News: UK Construction Growth Eases To 3-Month Low

UK Construction Growth Eases To 3-Month Low

01/07/2022 - 07:12:00 (RTTNews)

(RTTNews) - The UK construction sector grew at the slowest pace in three months in December largely due to the weakness in commercial and civil engineering segments, survey results from IHS Markit showed on Friday.

The Chartered Institute of Procurement & Supply construction Purchasing Managers' Index fell to 54.3 in December from 55.5 in November. Nonetheless, a reading above 50.0 indicates expansion.

Respondents noted that tighter pandemic restrictions and rising COVID-19 cases had acted as a brake on recovery, especially in the commercial sector.

Residential construction activity saw the strongest growth in December. At the same time, commercial building lost its position as the best-performing segment, with the recovery easing to its lowest since September.

Meanwhile, civil engineering activity decreased slightly at the end of 2021, ending a nine-month period of expansion.

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