Reaction to Markit/CIPS UK Construction PMI for February
The Markit/CIPS UK construction PMI for February has been released and shows that growth is at its lowest level for 10 months.
February saw UK construction’s PMI fall to 54.2, down from 55.0 in January but was still above the 50.0 threshold, which indicates growth.
The government’s ambitious house building programme took a hit as it was revealed the housing sector experienced its weakest period of growth for over two-and-a-half years and was the construction industry’s lowest performing sector in February.
Respondents claimed that increased economic uncertainty was a contributing factor to sector’s slow growth rate with some businesses unwilling to commit to new projects.
Martin Bennett, a Regional Director at The Vinden Partnership – a leading multi-disciplinary consultant company to the built environment commented: “The growing economic uncertainty is clearly affecting the mood of the construction industry at the moment. With Britain’s future in the EU dominating the agenda, this trepidation may be set to continue.
“The slowdown in the housing sector is also a cause for concern and certainly not what the government and first time buyers want to hear.
“The coming months should give us a clearer picture of where exactly the construction industry is and reveal whether this nervousness over taking on new projects is justified.”