LONDON — Growth in Britain’s construction sector slumped to its lowest level since the immediate aftermath of the Brexit referendum in July, the latest PMI survey from IHS Markit and CIPS showed.
IHS Markit and CIPS’ latest PMI release for the construction sector — which measures expectations of growth — came in at 51.9 for the month of July.
That was down from a reading of 54.8 in June, and even further below the 56 reading from May.
“UK construction companies recorded another growth slowdown in July, reflecting lower volumes of commercial building and a softer expansion of housing activity,” a release said.
“The latest survey also revealed a reduction in new business volumes for the first time since August 2016, which acted as a headwind to job creation and input buying across the construction sector.”
The purchasing managers index (PMI) figures from IHS Markit are given as a number between 0 and 100. Anything above 50 signals growth, while anything below means a contraction in activity — so the higher the number is, the better things look for the UK.
Here is the chart:
More follows …