UK construction sector's growth accelerates to 2-year high in July; housing, commercial, and civil engineering sectors all expanded.
The UK construction sector experienced its fastest growth in over two years in July, with the S&P Global construction PMI increasing to 55.3, driven by new housing projects and increased targets for new homes from the Labour government. All three key sectors - housing, commercial building, and civil engineering - grew in July, with civil engineering witnessing the sharpest growth in two and a half years. Increased demand and workloads led construction firms to expand purchasing activity and hire more workers, but also put pressure on suppliers, causing input cost inflation to rise slightly. Experts see the construction sector entering the early stages of a strong recovery.
August 06, 2024
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