CIPS UK Construction PMI6 May 2022 11:07
Slowest new order growth so far in 2022 as rising costs and economic uncertainty hit demand
Key findings
Weakest rise in new work since December 2021
Total construction output expands at slower pace in April
Growth projections ease to lowest since September 2020
UK construction companies reported another strong rise in business activity during April, but the speed of recovery lost momentum amid weaker new order gains. Survey respondents noted that higher costs and worries about the economic outlook had started to act as a brake on demand.
Signs of a slowdown in client spending contributed to another drop in growth expectations, with the degree of optimism about future workloads the lowest since September 2020.
At 58.2 in April, down from 59.1 in March, the headline S&P Global / CIPS UK Construction Purchasing Managers’ Index® (PMI®) – which measures month-on-month changes in total industry activity – signalled the weakest rate of output growth since January. The index has nonetheless posted above the crucial 50.0 no-change mark in each month since February 2021.
Duncan Brock, Group Director at the Chartered Institute of Procurement & Supply, said:
"A slowdown in output growth amongst builders in the UK has highlighted a number of issues to be concerned about including rising costs, shortages and a hesitancy amongst customers.
https://www.markiteconomics.com/Public/Home/PressRelease/dccad4c0f2cc4b8ab88c28dccc5c86bf