UK Housebuilding Stalls in March, Construction Growth Moderates – PMI

Growth in construction of new homes in Britain ebbed to its lowest level in three years in March, according to a survey on Monday that showed the overall expansion in the building trade held at its weakest in nearly a year.

The Markit/CIPS UK Construction Purchasing Managers’ Index (PMI) held steady at 54.2 in March, matching February’s 10-month low and holding a whisker above a consensus forecast for 54.0 in a Reuters poll of economists.

While the pace of growth picked up in commercial property and civil engineering, the PMI’s gauge of housing construction activity sank to its lowest level since January 2013, before Britain’s economic recovery really started to take hold.

Reuters

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.