Construction has fallen below expectations, driven by the eleventh consecutive monthly fall in housebuilding.
The S&P Global/CIPS purchasing managers’ index for the construction sector edged up to 45.6 in October from 45 the previous month, slightly below City analysts’ expectations. This is the second lowest reading since May 2020.
Housebuilding is now at one of its weakest levels since the financial crisis.
According to the index, housebuilding activity in October was at its second weakest level since 2009 – excluding pandemic months – with a reading of 38.5. Anything below 50 indicates contraction.
