S&P Global / CIPS UK Construction PMI®, March 2023

Growth in construction output continued albeit at a slower pace in March, according to the latest data.

March data from S&P Global and CIPS indicated another rise in UK construction output. Civil engineering category saw the fastest rise in business activity, while housebuilding had the weakest performance. The data indicated improved supply conditions, with greater availability of construction products and materials and fewer logistical barriers. The S&P Global / CIPS UK Construction Purchasing Managers' Index® (PMI®), which is a seasonally adjusted measure of month-on-month changes in total industry activity, was at 50.7, down from 54.6 in February but above the 50.0 no-change threshold for the second month running. To account for low housebuilding activity, survey respondents cited fewer tender opportunities due to rising borrowing costs, leading to a slowdown in new housebuilding projects.

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