The S&P Global/CIPS UK Construction PMI was 50.7 in March, down from 54.6 in February. 50=no monthly change so March’s PMI still represents growth but a considerable slowdown in the growth rate compared with February.

According to the PMI, civil engineering (52.0) was the fastest growing area of construction in March due to work on HS2 and other transport infrastructure. Commercial building (51.1) also grew but the rate of expansion eased from February’s nine-month high. Conversely, housing activity (44.2) decreased and the rate of decline was the fastest since the May 2020, with respondents citing fewer opportunities due to rising borrowing costs and a subsequent slowdown in new house building projects.

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