Slower decline in UK construction output recorded in March
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March data highlighted that business conditions in the UK construction sector deteriorated at a slower pace than in the previous month. The seasonally adjusted Markit/CIPS UK Construction Purchasing Managers’ Index® (PMI®) – which measures overall output in the sector – posted 47.2 during March, up from a 40-month low of 46.8 in February. That said, the latest reading was below the 50.0 no-change mark for the fifth month running and much weaker than the series average (54.0). Anecdotal evidence suggested that a combination of subdued underlying demand and unusually bad weather conditions had contributed to lower construction output during the latest survey period.
Civil engineering was by far the worst performing broad area of construction activity in March. Latest data indicated a steep drop in civil engineering output, and the pace of contraction was the fastest since October 2009. Commercial activity meanwhile decreased for the seventh time in the past eight months during March. Residential construction output bucked the overall downward trend, with activity rising at a marginal pace that was the most marked since May 2012.
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