UK Constructions Expands in January But Hiring Still Weak

Britain’s builders enjoyed a rebound in business growth last month but have gone into the new year in a cautious mood amid signs of an economic slowdown.

After expansion in the construction sector hit a 17-month low in December, it enjoyed faster growth in January in all three areas – homebuilding, civil engineering and commercial construction – according to the latest Markit/CIPS UK Construction PMI survey.

But the report showed that growth was less strong than the average for last year and hiring slowed to its weakest pace for more than a year as worries about the outlook intensified.

Construction firms also reported continuing challenges in getting the materials they need as suppliers adjust to a revival in demand since the industry’s sharp recession. Skilled workers were also hard to come by, sending subcontractor charges rising at a near record pace, the survey said.

via The Guardian

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.