Housebuilding activity contracts at fastest pace since first Covid lockdown

Housebuilding activity in the UK has contracted at the fastest pace since the first Covid lockdown, according to the latest construction purchasing managers' index from S&P Global and the Chartered Institute of Procurement & Supply. Work on residential building projects fell for a sixth month in a row in May, with the reading for activity in the housebuilding industry dropping to 42.7, the lowest figure in more than 14 years. Despite the decline in residential development, the PMI survey showed that total construction activity in Britain had risen to a measure of 51.6 in May, driven by increases in commercial building and civil engineering activity. However, John Glen, chief economist at the institute, said the drop-off in residential development "will send a chill down the spine of the UK economy". 

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