Following a 24-year high in June, July’s dip in IHS/Cips index is widely blamed on ‘Brexit friction’, according to The Guardian.
Britain’s builders struggled to keep pace with the demand for new homes and maintenance work in July as shortages of materials and skilled staff slowed growth, according to a closely watched industry survey.
After hitting a 24-year high in June, the construction industry last month grew at the slowest pace since February, after firms that had stockpiled materials in the first half of the year began to run low while others were unable to find enough workers to fulfil bulging order books.
The IHS Markit/Cips UK construction purchasing managers’ index dipped to 58.7 in July. The score still represents growth – anything above 50 is considered positive – but shows a notable slowdown after June’s 66.3.
More than 8 in 10 businesses said they had seen prices for raw materials and other costs rise over the period. Only 1 in 100 said costs fell in July.
Higher prices combined with shortages of cement, copper and steel to delay some projects that were already under way and some planned projects, industry bosses said.
Read more at The Guardian.
