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UK Construction Sector Logs Strong Growth Despite Escalating Inflationary Pressures

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Despite escalating inflationary pressures and concerns about the impact of the war in Ukraine, the UK construction sector logged another robust growth, survey results published by S&P Global showed on Wednesday.

The Chartered Institute of Procurement & Supply construction Purchasing Managers’ Index came in at 59.1 in March, unchanged from February. The reading was forecast to fall to 57.8.

The latest score signaled the joint-fastest rate of output growth since June 2021.
Commercial work was the best-performing segment in March, with projects restarting amid the roll back of pandemic restriction. In contrast, the recoveries in civil engineering and residential work lost momentum in March.

New orders grew at the strongest rate since August 2021. Rising workloads contributed to a considerable rise in staffing numbers during March.

Further, input buying rose at the steepest pace since July 2021, driven by a combination of stronger demand and efforts to build stocks where possible.

Imbalanced supply and demand, alongside escalating energy, fuel and commodity prices, resulted in a rapid rise in average cost burdens in March. The overall rate of input price inflation was the highest for six months.

Due to the concerns about the war in Ukraine, confidence among constructors reached the weakest since October 2020, the survey showed.

*UK Mar S&P/CIPS Construction PMI Unchanged At 59.1, Consensus 57.8

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