Markit Economics has published Purchasing Managers Index (PMI) results for construction for January (release), giving an idea of the health of the sector. The index slipped from 48.7 to 46.8, despite analysts predicting a slight rise to 49.0.
Tim Moore, Senior Economist at Markit said:
This is undoubtedly a dismal set of data for the UK construction sector, especially the sharp falls in commercial building work and civil engineering activity.
With total output falling at the steepest pace for over three years, the latest PMI survey is confirmation that January’s construction decline was not entirely snow-related.