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07th of July 2011
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UK construction growth slows in June

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by Kay Mitchell

The Chartered Institute of Purchasing and Supply (CIPS)/Markit purchasing managers’ index (PMI) has today revealed the UK construction industry slowed in June.

The PMI dipped to 53.6 in June from May’s reading of 54 – however, the figure was broadly in line with expectations.

Furthermore, the index remains above the crucial 50 mark, which separates growth from contraction.

Commenting on the report, Sarah Bingham, Economist at Markit and author of the UK Construction PMI said: “June data rounds off a further solid quarter of growth, albeit down on the first quarter.

“But the survey showed confidence was at its lowest in June for the year to date, while companies cut jobs at their fastest rate since January,” she added.

Construction accounts for around 6% of Britain’s economic output.

Meanwhile, the index comes shortly after figures revealed UK manufacturing grew at its slowest rate in almost two years in June.

The closely-watched CIPS/Markit manufacturing PMI fell to a 21-month low last month to 51.3 from May’s reading of 52.

The reading was slightly lower than the 52.1 expected by analysts.

The manufacturing sector, which accounts for around 13% of economic output, has been one of the bright spots in the UK economy, but the latest surveys will no doubt raise fears about the recovery.

Service sector activity figures will be published later this week.

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News posted: July 4, 2011

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