The
UK
construction
sector
remained
in
the
doldrums
last
month,
amid
continued
weakness
in
housebuilding,
a
survey
revealed
on
Wednesday.
The
latest
S&P
Global/Chartered
Institute
of
Procurement
&
Supply
UK
construction
purchasing
managers’
index
fell
fractionally
to
45.5
points
in
November,
from
45.6
in
October.
Slipping
further
behind
the
50.0
no
change
mark,
the
latest
reading
suggests
the
sector’s
decline
picked
up
pace
slightly.
According
to
the
survey
publisher
S&P
Global,
November
is
the
third
consecutive
month
during
which
UK
construction
companies
indicated
a
decline
in
business
activity,
led
by
another
sharp
fall
in
residential
building.
Elevated
borrowing
costs
and
subdued
demand
for
new
housing
projects
were
widely
cited
as
factors
holding
back
construction
activity.
“Latest
survey
data
pointed
to
the
steepest
reduction
in
purchasing
costs
across
the
construction
sector
for
more
than
14
years.
This
was
linked
to
lower
raw
material
prices,
alongside
greater
competition
among
suppliers
in
response
to
falling
demand
for
construction
inputs,”
the
company
says.
Housebuilding
was
the
worst-performing
sub-sector
“by
far”.
There
was
“resilience”
in
commercial
building,
though
it
remained
in
downturn
territory
and
has
been
for
three
months
on-the-trot.
The
survey
comes
a
week
after
the
news
that
the
pace
of
declining
house
prices
in
the
UK
is
starting
to
slow.
Overall,
new
work
was
scarce
last
month.
New
orders
fell
for
the
fourth
month
running,
though
promisingly
the
pace
of
decline
was
the
slowest
since
August.
S&P
Global
added:
“Business
activity
expectations
for
the
year
ahead
picked
up
from
October’s
recent
low,
but
remained
notably
weaker
than
seen
in
the
first
half
of
2023.
Concerns
about
the
near-term
demand
outlook
contributed
to
a
renewed
decline
in
staffing
numbers
during
November
and
a
marked
reduction
in
purchasing
activity.”
The
survey
features
a
panel
of
around
150
construction
firms.
Responses
were
collected
between
November
9
and
29.
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