Weekly Economic and Construction Update – 6 January 2023
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UK construction activity fell in December 2022 according to the S&P Global/CIPS UK Construction PMI, recording 48.8 in December, slightly lower than the 50.4 in November. 50=no monthly change and the first fall in activity since August.
Construction activity in December 2022 rose marginally in commercial (50.3), at the slowest rate in 4 months, but housing activity fell for the first time since July (48.0) and civil engineering activity fell for the sixth consecutive month (46.8).
December saw a further sharp slowdown in annual house price growth from 4.4% in November to 2.8% according to lender Nationwide. Prices fell by 0.1% month-on-month, a much smaller decline than in the previous two months. However, December also marked the fourth consecutive monthly price fall, which left prices 2.5% lower than their August peak.
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