Financial News: UK Construction Sector Growth Weakens In October

UK Construction Sector Growth Weakens In October

11/06/2024 - 06:47:00 (RTTNews)

(RTTNews) - The UK construction sector growth slowed notably in October but overall industry activity remained solid on civil engineering work, survey results from S&P Global showed on Wednesday.

The construction Purchasing Managers' Index posted 54.3 in October, down from 57.2 in September. The index signaled expansion for the eighth consecutive month.

Civil engineering was the best-performing category. Commercial work also increased but the growth was the weakest since the current sequence of expansion began in April.

House building was the only category to post a fall in output in October. This was the first fall in residential activity since June as high borrowing costs and uncertainty ahead of the Autumn Budget constrained demand.

Although new work increased at a solid pace, the growth was softer than the two-and-a-half year high seen in September. Political uncertainty and subdued household demand due to cost-of-living pressures limited new order growth.

In order to meet higher activity, firms recruited additional staff. The rate of job creation rose to a three-month high.

Construction companies continued to support their purchasing activity in October, which was mainly linked to greater workloads and forthcoming new project starts.

Suppliers' delivery times improved marginally in October and lead times shortened in each of the past three months.

On the price front, the survey showed that average cost burdens increased at a solid pace. The rate of inflation remained stronger than seen on average in the first half of 2024 but moderated since September.

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