Britain’s construction industry contracted at its fastest pace since the start of the coronavirus pandemic last month, as firms held back ahead of the government’s Budget.
The S&P Global UK construction purchasing managers’ index fell to 39.4 in November from 44.1 in October, marking the lowest reading since May 2020. The figure remained well below the neutral 50 threshold, signaling contraction for the 11th consecutive month.
Economists had expected a reading of 44.4. Aside from the Covid-19 crisis, the survey showed the steepest drop in new orders since early 2009.
Construction companies cited weaker sales driven by client risk aversion, concerns over the economic outlook and “elevated business uncertainty ahead of the Budget.”