UK construction output falls for second month in a row

Construction output in the UK dipped for the second consecutive month in August as concerns about wider economic prospects led to a fall in demand. The S&P Global Construction PMI stood at 49.2 in August – up fractionally from the previous month but still below the crucial 50.0 mark and therefore a second month of contraction. Mark Robinson, chief executive at Scape, the public sector procurement authority, said that Liz Truss must act to provide "stability" to the construction industry. "Another month of declining activity is further evidence of market uncertainty created by inflation as developers focus on getting existing projects over the finish line before pressing ahead with new ones," Robinson said. "With the construction sector's energy bills set to rise more than fivefold, industry leaders will be looking to the new prime minister to tame inflation and deliver some stability for forward planning."

Financial Times (06/09/2022)   The Daily Telegraph (06/09/2022)   The Times (06/09/2022)