The UK construction industry has recorded increases across the board which offers huge potential for the remainder of 2024.
UK Construction Growth
New orders in the UK construction industry have increased at the strongest pace for over two years, with the most noticeable rise coming from civil engineering which has experienced the sharpest upturn in activity since June 2021.
Commercial building (55.2) also gained momentum in September, with output levels rising to the greatest extent since May. A number of firms noted that lower borrowing costs and domestic political stability had a positive impact on client spending, although survey respondents also noted tight budgets.
Improving market conditions and rising confidence helped to boost house building in September (54.3). The latest upturn in residential work was the fastest since March 2022, but still softer than seen elsewhere in the construction sector.
Purchasing Mangers Index
The headline S&P Global UK Construction Purchasing Managers’ Index (PMI) – a seasonally adjusted index tracking changes in total industry activity – posted 57.2 in September, up from 53.6 in August and above the neutral 50.0 threshold for the seventh successive month.
Optimism Within the Industry
The UK construction industry has recorded increases across the board which offers huge potential for the remainder of 2024. These increases are believed to be a result of lower interest rates and domestic economic stability.
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