Weekly Economic and Construction Update – 7 July 2023

Weekly Economic and Construction Update – 7 July 2023

Date Published

7 July 2023

Document Type

Category

Author

TDUK

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Summary

The S&P Global/CIPS UK Construction PMI in June was 48.9, down from 51.6 in May. 50 = no monthly change in the PMI so June’s figure represents a dip in activity compared with May. The fall was marginal overall but it masked divergent trends across the three major categories monitored in the survey.

The PMI for residential work was 39.6 in June, indicating that housing decreased at its fastest pace since May 2020, which was in the initial national lockdown. Aside from the lockdown-related fall, the rate of contraction was its fastest since April 2009, during the financial crisis.