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Free AccessMNI: UK Construction Sector Maintains Weak Momentum In Feb
-CIPS/IHS Markit UK Construction PMI 51.4 in Feb Vs 50.2 Jan
By Jamie Satchithanantham and Jai Lakhani
LONDON (MNI) - The UK construction sector failed to break away from its
soft growth path at the start of the year with only marginal increases in
business activity, data from the February IHS Markit/CIPS survey showed.
The UK Construction Purchasing Managers' Index (PMI) rose 1.2 points to
51.4 in February, up from January's four-month low of 50.2. Though this was the
now the fifth consecutive monthly reading above the 50.0 no-change threshold,
February's report highlighted a second consecutive fall in new orders and just a
slight increase in business activity.
According to the report, there was anecdotal evidence that that fragile
business confidence and ongoing political uncertainty remained key factors
holding back client demand, while higher raw material prices, fuel bills and
staff wages also weighed on firms.
--COMMERICAL WORK HIGHEST SINCE MAY
The bright spot of February's data was an uptick in commercial activity,
which expanded at the highest level since May last year. The increase in
commercial activity was the highest recorded over the past two years and was
believed to be attributed to greater industrial demand and structural changes in
consumer spending habits.
Civil engineering projects were the worst performers, resulting from a lack
of work to replace completed projects. Activity contracted at the fastest pace
in 5 months, while residential work remained on track for its weakest quarterly
performance since Q3 2016 after a soft patch for residential building in
February.
--COST PRESSURES LOWER, STILL WEIGH
The cost of key inputs remained dear in February. In addition to this,
survey respondents noted that increased fuel costs and greater staff wages had
pushed up operating expenses. However, the overall rate of input cost inflation
was much softer than the five-and-a-half year peak seen at the start of 2017.
The construction PMI findings show another tough month in February and
"Despite pockets of resilience in the UK construction centre, there was little
sign of an imminent turnaround in overall growth momentum," said Tim Moore,
Associate Director at IHS Markit.
However, the key takeaway is that of a unpromising picture underlined by
sector optimism falling below its five year trend.
Duncan Brock, Director of Customer Relationships at the Chartered Institute
of Procurement & Supply, added, "the sector was feeling as a flat as a
pancake...it will take more than spring sunshine to thaw the sector's prospects
next month."
Friday's construction result follows the result of its manufacturing
sister-survey which, a day earlier, slipped to an eight month low. The
manufacturing PMI fell one tenth of a point to 55.2 in February as a slower
pace of production offset a strengthening in new orders.
--MNI London Bureau; +44 203 865 3828; email: jai.lakhani@marketnews.com
--MNI London Bureau; +44 203-586-2226; email: jamie.satchithanantham@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: MABDS$,M$B$$$,M$E$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.