Xenia Broking’s Post

UK Construction Activity Surges in July 2024 - The latest S&P Global UK Construction PMI data shows a marked acceleration in growth as we entered the second half of 2024: • Construction activity expanded at the fastest pace in 26 months (PMI at 55.3) • New orders increased at the sharpest rate since April 2022  • All three sectors (housing, commercial, civil engineering) saw growth • Employment rose for the third straight month • Input cost inflation picked up, though remains below historical averages Key takeaway: The construction sector appears to be rebounding strongly, with improved customer confidence leading to the release of previously paused projects. This momentum could provide a boost to the wider UK economy in the coming months. What are your thoughts on these latest construction figures? Do you see this growth trend continuing? #UKConstruction #EconomicIndicators #PMIData

The continued optimism in S&P’s Index survey is heartening. However, it is in slight contrast to the data that we’ve seen in our planning process data for July. Contract awards, planning approvals and planning applications are all down at least 20% from this same period last year (Barbour ABI). Hopefully the customer confidence that S&P reference continues to climb and we see a spike in approvals and awards in the coming weeks!

Construction sector on the up for first time in seven months, finds S&P Global 🏗️📈 Activity across the UK construction industry has finally seen fractional growth following a six-month period of decline, according to the latest S&P Global UK Construction PMI. This March, the sector saw the strongest boost to new orders since May 2023, with input price inflation at a three-month low. Companies have reported a turnaround in their sales pipelines and a greater volume of new business enquiries as the national economic outlook improves and financial conditions stabilise. However, most remain cautious about taking on staff, with employment numbers falling for the third month running – though job shedding has eased since the previous month. Continue reading... https://lnkd.in/egB5iz-e #construction #growth #economics #finance #businessnews #businessintelligence

With demand in the construction sector continuing to contract, overall output is expected to fall by 5.5% in 2024, compared with 2023. According to the BCIS analysis, the expected decline is mainly a result of decreased output in the housing, private commercial and industrial sectors. However, growth is expected to return in 2025. Read this article from The Construction Index Ltd for more:

UK construction companies indicated a sustained rebound in total business activity in August, although the pace of expansion eased slightly since July, according to the S&P Global UK Construction Purchasing Managers’ Index (PMI).

Confidence is rising in the UK construction sector, according to a recent RICS report 👷 In its latest report for Q4 2023, the RICS reported moderate growth in infrastructure workloads compared to Q3. An anticipated interest rate cut in 2024 also helps to support positive expectations in the long term. Skills shortages however continue to hamper construction activity, so it's no surprise the report found a +19% rise in planned training investment in the industry. Read all about the report's findings here 👉 https://lnkd.in/eMBh8Cdv #constructionuk #constructionindustry

Despite a fall in housing activity, total construction output in the UK has continued to grow, according to the latest S&P Global UK Construction index. The figures were boosted by commercial growth, with a slower increase in civil engineering activity, as well as a decrease in housing activity, where output fell solidly following the first increase in 19 months during May. Reports indicate that the overall increase in activity was driven by the acquisition of new contracts in the period since February, along with successful tendering processes and increased client engagement. The growth rate in new business however was modest and the slowest since February, and uncertainty has been linked to the general election, which was a contributing factor of the slowdown of new project inflows. The use of subcontractors has also been on the increase, with both the growth of subcontract usage from companies and higher levels of subcontractors becoming available. Post-election, confidence in construction sector growth is set to continue at a pace, with increases in sector employment and supply chain conditions looking favourable. There is also an expectation that house building output will increase at a greater rate over the coming year, further bolstering the sector's outlook. Construction output continues to rise, reveals UK construction PMIs https://buff.ly/3zKNOh0 #construction #growth #housing

Growth accelerated in the UK construction sector in July seeing much faster increases in both activity and new orders during the month. In turn, firms ramped up purchasing activity and raised staffing levels for the third month running. Higher demand for inputs imparted some pressure on supply chains, and input costs increased at a faster pace. The headline S&P Global UK Construction Purchasing Managers’ Index™ (PMI®) – a seasonally adjusted index tracking changes in total industry activity – rose sharply to 55.3 in July from 52.2 in June. The reading signalled a marked monthly expansion in total activity in the construction sector, extending the current sequence of growth to five months. The rate of expansion was the fastest since May 2022. All three categories of construction saw activity increase in July as work on housing projects returned to growth. Commercial activity increased solidly, but the fastest expansion was seen in civil engineering activity, where the rate of growth quickened to the sharpest in almost two-and-a-half years. According to respondents, success in securing new orders was the main factor leading to a rise in construction activity at the start of the third quarter. New business expanded for the sixth month running, and at a marked pace that was the strongest since April 2022. Alongside a general improvement in market demand, there were also reports that customer confidence had strengthened, making them more willing to release previously paused projects. Rising workloads led construction firms to expand both their purchasing activity and employment more quickly in July. Staffing levels were up for the third consecutive month, and at a solid pace that was the fastest for a year. Meanwhile, a strong rise in purchasing activity was the most Activity rises amid much faster increase in new orders. #construction #growth #pmi

April brought some much needed positivity to the Construction industry as activity surged at its fastest rate in over a year, according to a recent survey. Although house-building continued to decline, significant growth in civil engineering and commercial construction sectors more than compensated for the slowdown. The headline S&P Global UK Construction Purchasing Managers’ Index (PMI) rose to 53.0 in April, up from 50.2 in March. This seasonally adjusted index, which tracks changes in industry activity, remained positive for the second consecutive month, marking the strongest pace of expansion since February 2023. Read more https://lnkd.in/eJsbeTZ4 #constructionindustry #recruitment #industrynews #thisisthornbaker