Storbritannia - Bygg PMI

The IHS Markit/CIPS UK Construction PMI rose to 45.3 in November 2019 from 44.2 in October and above market expectations of 44.5. The latest reading pointed to the slowest drop in overall construction output for four months, as housing activity contracted at a much softer pace. Overall new orders fell for the eight consecutive month, the longest phase of decline since 2012-13, on subdued client confidence and ongoing hesitancy to commit to new projects. In addition, purchasing activity continued to decrease, as well as employment due to cost-cutting efforts and the non-replacement of voluntary leavers. On the price front, input cost inflation remained the among the lowest seen since early-2016. Looking ahead, the degree of business optimism was little-changed since October, amid concerns about the domestic economic outlook and political uncertainty.

The IHS Markit/CIPS UK Construction PMI rose to 44.2 in October 2019 from 43.3 in the previous month and slightly above market expectations of 44.0. Still, the latest reading remained close to the ten-year low seen in June, as domestic political uncertainty and the economic slowdown continued to weigh on demand. Civil engineering works contracted at the sharpest pace since October 2009 and house building also decreased at a faster rate. At the same time, commercial construction fell for the tenth month running, but at the slowest rate since May. Overall new orders dropped for the seventh month in a row, resulting in another fall in employment. On the price front, input cost inflation was the lowest for three-and-a-half years. Looking ahead, business confidence remained among the weakest seen since 2012.

The IHS Markit/CIPS UK Construction PMI declined to 43.3 in September 2019 from 45 in the previous month and below market expectations of 45. The latest reading pointed to the fifth consecutive month of contraction in the construction sector and the second steepest since April 2009, as new work went down sharply amid Brexit uncertainty and weak demand. Commercial activity was the worst performing area of activity; civil engineering dropped at a similarly steep rate that was the fastest in close to a decade; and residential building fell for the 4th straight month. Buying levels decreased at the fastest pace since January 2010 due to lower operational requirements and increased efforts to contain costs. Also, the job creation rate fell at the strongest pace since December 2010. On the price front, input cost inflation slowed to a 3-1/2-year low. Looking ahead, business sentiment was weak by historical standards, due to competitive pressures, Brexit uncertainty and economic concerns.

The IHS Markit/CIPS UK Construction PMI fell to 45.0 in August 2019 from 45.3 in the previous month and below market expectations of 45.9. The latest reading pointed to the fourth consecutive month of contraction in the construction sector, led by the sharpest reduction in new work since March 2009. Commercial work was again the worst performing area of activity due to delayed decision-making among clients amid Brexit-related uncertainty. Meanwhile, employment continued to fall while input buying decreased for the fifth consecutive month, which represents the longest period of decline since the first half of 2013. On the price front, input cost inflation moderated to its lowest since March 2016. Looking ahead, business optimism was the weakest since December 2008, due to domestic political uncertainty and a corresponding drop in client spending.

The IHS Markit/CIPS UK Construction PMI rose to 45.3 in July 2019 from the previous month's ten-year low of 43.1, but below market expectations of 46.0. Commercial construction was the worst performing category, followed closely by civil engineering activity, as Brexit uncertainty continued to hold back work on commercial projects while delays to contract awards for infrastructure work had acted as a headwind to civil engineering. The contraction in house building softened from June's three-year low. Overall new orders dropped for the fourth consecutive month, the longest continuous period of decline since 2016, leading to cuts in employment numbers and a sharp fall in purchasing activity. On the price front, input cost inflation remained high, partly reflecting rising prices for imported items and those in short supply. Looking ahead, business confidence was the weakest since November 2012 due to Brexit uncertainty, the prospect of a General Election and delays to infrastructure work.

The IHS Markit/CIPS UK Construction PMI plunged to 43.1 in June 2019 from 48.6 in the previous month and well below market expectations of 49.3. The latest reading pointed to the steepest contraction in the construction sector since April 2009, amid heightened political and economic uncertainty. House building dropped the most in three years amid weaker demand conditions and concerns about the outlook for residential sales. In addition, commercial building projects recorded the steepest fall since December 2009 due to Brexit uncertainty and subsequent delays to project starts, while civil engineering activity shrank the most since October 2009. Total new work received by UK construction companies decreased the most for just over 10 years, while demand for construction products and materials fell at the sharpest pace since January 2010.