LONDON (dpa-AFX) - The UK construction sector downturn deepened in July as volumes of work carried out across all sectors decreased markedly, survey results from S&P Global showed on Wednesday.
The headline construction Purchasing Managers' Index fell to 44.3 in July from 48.8 in June. The score signaled the sharpest contraction since May 2020.
The survey revealed marked decreases in activity across monitored sub-sectors, but a considerable drag came from a fresh drop in residential building.
Civil engineering registered the sharpest decline in July. Further, the PMI was also pulled lower by a renewed decline in residential building activity. At the same time, a marked but softer fall was registered in commercial construction.
New incoming work declined for a seventh straight month in July and the latest pace of contraction was the most pronounced since February.
Companies were optimistic about growth over the next twelve months but expectations were weak. Concerns about broader economic outlook damped company growth projections.
The downward trend in payroll employment continued for the seventh straight month.
UK constructors reported higher input charges in July. However, the overall rate of inflation was the weakest since January.
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