UK construction firms reported a decline in activity for the third consecutive month in November, led by a sharp fall in residential according to the S&P Global/CIPS UK Construction Purchasing Managers’ Index (PMI).

The latest data also pointed to the steepest reduction in costs across the construction sector for more than 14 years due to lower raw material prices, alongside greater competition among suppliers due to falling demand. The PMI was 45.5 in November, slightly lower than 45.6 in October.

As 50.0=no monthly change, with figures below representing an activity fall, November’s PMI represents a fall for the third consecutive month and was the second lowest since May 2020.

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