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Financial News: UK Construction Sector Shrinks Marginally In January

UK Construction Sector Shrinks Marginally In January

02/04/2021 - 06:39:00 (RTTNews)

(RTTNews) - The UK construction sector contracted marginally in January, ending a seven-month period of expansion, survey results from IHS Markit showed on Thursday.

The IHS Markit/Chartered Institute of Procurement & Supply construction Purchasing Managers' Index fell to 49.2 in January from 54.6 in December.

A renewed fall in commercial activity and another drop in work on civil engineering projects stood in contrast with strong growth in the residential category.

There was a slowdown in overall new order growth as the third national lockdown and concerns about the near-term economic outlook led to greater hesitancy among clients, especially for new commercial projects.

Meanwhile, transport shortages and delays at UK ports resulted in another severe downturn in supplier performance. Employment numbers also dropped in January.

Construction companies continued to experience intense cost pressures. The overall rate of input price inflation accelerated to its highest for just over two-and-a-half years.

Data indicated that business expectations for the year ahead remained positive in January.

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