Financial News: UK Construction Growth Improves In November

UK Construction Growth Improves In November

12/05/2024 - 06:54:00 (RTTNews)

(RTTNews) - The UK construction sector's growth picked up pace in November, driven by a strong upturn in commercial work, survey results from S&P Global showed on Thursday.

The construction Purchasing Managers' Index rose to 55.2 in November from 54.3 in October. A reading above 50 indicates expansion. The index signaled growth for the ninth consecutive month.

Commercial activity was the best-performing category on the back of improving customer demand and new opportunities to tender, despite relatively subdued economic conditions. Civil engineering work also increased at a strong pace, while housing activity weakened.

The growth in new business eased to a 5-month low as client confidence was affected by political and economic uncertainty linked to the Autumn Budget.

The rate of job creation in the British private sector eased to a 3-month low, while purchasing activity increased at the slowest pace since May, largely reflecting a loss of momentum for new order growth.

On the price front, cost inflation accelerated to an 18-month high due to higher raw material costs.

"Many construction companies cited concerns about the near-term UK economic outlook and subsequent cutbacks to new projects," Tim Moore, economics director at S&P Global Market Intelligence, said.

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