UK construction reports biggest fall in new work since 2009

Britain’s building industry was hit by the biggest fall in new work in more than a decade last month as Brexit uncertainty gripped construction firms before the deadline on 31 October.

New orders contracted for a fifth month in August with commercial construction, which includes offices and shops, leading the decline as competition for work intensified and property developers delayed decision-making.

The measure of new orders on the IHS Markit/Cips UK construction PMI survey slumped from 44.6 in July to 40, the lowest since March 2009 when the UK economy was in recession after the financial crash. Any reading below 50 signals contraction.

Do NOT follow this link or you will be banned from the site!