In response to the latest construction PMI survey from S&P Global, which showed the steepest downturn in UK construction activity for five-and-a-half years, from Dr David Crosthwaite, chief economist at BCIS, has shared his comments.
He said: “If the latest construction PMI isn’t setting off alarm bells in Parliament, something’s seriously amiss.
“The steepest downturn in UK construction activity in five-and-a-half years, including eleven consecutive months of decline this year, is no fluke.
“It mirrors an industry battling low client confidence, stifled demand and skills bottlenecks compounded by a limited financial ability to recruit.
“According to insight from the latest BCIS All-in Tender Price Index Panel, sentiment surveys are often a temperature check of construction’s SMEs where government data is more reflective of larger contractor outputs.
“If that’s the case, the latest PMI suggests current government actions are not enough and still failing the near-900,000 SMEs in construction.
“Increasing the cost of doing business in the Budget now feels even more like a step in the wrong direction.”
