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12/6/2023, 10:31 AM (Source: TeleTrader)
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UK's construction activity falls slightly in November

The Construction Purchasing Managers' Index (PMI) in the United Kingdom fell in November, coming in at 45.5, slightly down from October's reading of 45.6, a report from S&P Global and Chartered Institute of Purchasing & Supply (CIPS) showed on Wednesday.

According to the document, the construction slowdown was driven by weakened activity in house building and civil engineering. Survey participants stressed that the sector's downturn is primarily caused by "unfavourable market conditions."

"Elevated mortgage costs and unfavourable market conditions were widely cited as leading to cutbacks on house building projects. Rising interest rates and the uncertain UK economic outlook also hit commercial construction in November, while a lack of new work contributed to the fastest decline in civil engineering activity since July 2022," Economics Director at S&P Global Market Intelligence Tim Moore commented.

Baha Breaking News (BBN) / JJ