S&P Global announce fastest upturn in construction sector output since April 2022
S&P Global have published their latest UK Construction (PMI) report for the UK:
- Output growth was led by the steepest increase in civil engineering activity sine June 2021
- New orders have grown at their strongest pace for 2.5 years
- However, cost pressures have intensified during September
Rising demand was attributed to increased willingness to spend among clients and a more supportive economic backdrop. The civil engineering, commercial building construction and residential building construction sectors all gained momentum.
Construction industry employment levels have now increased in 4 out of the last 5 months. In addition, demand for construction products and materials has increased at a steady pace, whereas delivery times have shortened due to higher stock levels being held by suppliers.
The UK Construction PMI is a key economic indicator for the UK construction industry.
The report tracks monthly changes in activity, demand, employment, prices and supply chains, compiled from survey responses from a representative panel of
local construction companies.