S&P Global / CIPS UK Construction PMI®, February 2023
February's data indicated a robust increase in overall business activity across the UK construction sector, after two months of decline. The headline seasonally adjusted S&P Global / CIPS UK Construction Purchasing Managers' Index® (PMI®), which measures monthly growth or decline in total industry activity, registered 54.6 in February. This was above the neutral 50.0 threshold for the first time in three months. This was the strongest monthly growth rate since May 2022, supported by commercial work bouncing back and increased civil engineering activity, though housing activity fell for the third month running (index at 47.4). The overall rate of purchase price inflation was the lowest for over two years. Those who completed the survey referenced subdued market conditions due to interest rate hikes, as well as cutbacks to new housing projects.
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