UK construction activity experienced the sharpest decline since May 2020, driven by a significant drop in housebuilding. The S&P Global Market Intelligence figures revealed that overall construction activity fell in July, affecting civil engineering and commercial sectors as well. The construction purchasing managers index (PMI) fell to 44.3, highlighting concerns of future challenges. Rising unemployment, persistent inflation, shrinking output, and international trade issues contribute to the uncertainty in the sector, as companies report a lack of project opportunities and hesitancy from clients.
UK construction activity fell sharply in July, reflecting the steepest decline since May 2020 due to collapsing housebuilding and broader economic challenges.
The purchasing managers index (PMI) for the UK construction sector dropped to 44.3 in July from 48.8 in June, indicating significant contraction.
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