Growth in the UK construction sector gained momentum during May, with activity and new business increasing at sharper rates than in April, finds S&P Global
Rising workloads prompted renewed expansions in purchasing activity and employment, while business confidence also strengthened. Supply-chain conditions continued to improve amid reports of good stock availability. Furthermore, lead times shortened to the greatest extent in seven months. This contributed to the pace of input cost inflation slowing to a marginal pace.
There’s has been sustained expansion in activity midway through the second quarter of the year with housing activity returning to growth. Across the sector new business rose for the fourth consecutive month. Construction firms also signalled a marked improvement in the availability of sub-contractors in May, despite the largest expansion in their usage since April 2022. The rates charged by sub-contractors increased solidly.
Further increases in new orders are set to support continued growth of construction activity over the next 12 months.
For more details on the S&P Global UK Construction PMI figures click here
