Construction output saw the steepest downturn in five-and-a-half years in November, according to the latest S&P Global PMI index. Housing activity, commercial construction and civil engineering all saw sharp falls, while 44% of businesses reported a drop in new orders. Not good news for Labour’s supposed housebuilding ambitions…
Employment numbers across the sector dropped for the eleventh consecutive month, with the fall in staffing levels the greatest since August 2020. Tim Moore of S&P Global blamed the Budget:
“Commercial construction also faced severe headwinds during November as business uncertainty in the run up to the Budget pushed clients to defer investment decisions. The degree of optimism dropped to its lowest since December 2022 amid reports of cutbacks to client budgets and pervasive worries about long-term UK economic growth prospects.”
Facing a brick wall…
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