United Kingdom Construction PMI

The S&P Global UK Construction PMI rose to 50.2 in March 2024, the highest since August 2023, from 49.7 in February, indicating a renewed increase in total industry activity, after a six-month period of decline. There was a turnaround in sales pipelines and greater new business enquiries linked to the improving economic outlook and more stable financial conditions. Adding to signs of a recovery in construction sector performance, new orders expanded at the fastest pace since May 2023. However, construction companies remained cautious about staff hiring, with employment numbers falling for the third month running in March. Also, input price inflation eases to a three-month low. Meanwhile, civil engineering was the best-performing segment and house building and commercial construction activity were both broadly unchanged.