{"id":134393,"date":"2023-11-06T14:25:40","date_gmt":"2023-11-06T14:25:40","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=134393"},"modified":"2023-11-06T14:25:40","modified_gmt":"2023-11-06T14:25:40","slug":"uk-construction-input-october","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/uk-construction-input-october\/134393\/","title":{"rendered":"UK construction input prices see steepest drop since 2009"},"content":{"rendered":"

The October S&P Global \/ CIPS UK Construction PMI has indicated that the latest decline in input costs was the steepest since August 2009, and reduced workloads have led to a decline in subcontractor charges for the first time in over three years<\/h2>\n

In October, business activity fell for the second month running amid\u00a0a lack of new work<\/a> to replace completed projects.<\/p>\n

Fragile client confidence and elevated borrowing costs were often cited for weaker sales. Improving supply conditions and falling demand also contributed to a renewed decline in purchasing prices.<\/p>\n

Housebuilding decreased for the 11th successive month<\/h3>\n

House building decreased for the eleventh successive month in October at a much steeper pace than elsewhere in the construction sector.<\/p>\n

Falling work on residential construction projects was widely linked to a lack of demand and subsequent cutbacks to new projects.<\/p>\n

Civil engineering activity also decreased sharply in October, and the rate of decline was the fastest since July 2022.<\/p>\n

In the commercial sector, there were signs of stabilisation in the building segment, with activity falling only marginally and at a slower pace than in September.<\/p>\n

Total new work fell for the third month running in October, and the rate of contraction was the joint-sharpest since May 2020.<\/p>\n

Concerns over shrinking pipelines of work led to low business confidence<\/h3>\n

Around 37% of the survey panel forecast a rise in business activity during the year
\nahead, while 19% predict a decline. The degree of optimism signalled by the survey in October was the lowest this year.<\/p>\n

Softer demand for construction products and materials resulted in pressure on suppliers for price discounts.<\/p>\n

The latest survey indicated that overall purchasing prices decreased at the fastest pace for over 14 years as vendors passed on lower timber, steel and transportation costs.<\/p>\n

Fall in housebuilding is contributing to overall construction activity<\/h3>\n

Commenting on the latest UK construction output figures, Fraser Johns, finance director at Beard Construction<\/a>, said: \u201cDespite a stabilisation of commercial building, the headlines will be the eleventh straight monthly fall in housebuilding, which is having a major impact in skewing overall activity and the wider industry picture.<\/p>\n

“Despite the positive news of the Bank of England holding rates,<\/a> elevated borrowing costs and tighter access to credit remains a clear challenge. This is not unique to the residential space either and partnered with wider economic uncertainty may be causing some clients to hesitate when committing to new projects.”<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

The October S&P Global \/ CIPS UK Construction PMI has indicated that the latest decline in input costs was the steepest since August 2009, and reduced workloads have led to a decline in subcontractor charges for the first time in over three years.<\/p>\n","protected":false},"author":21,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[908,283,974],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-134393","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-economy","8":"tag-finance","9":"tag-pmi"},"acf":[],"yoast_head":"\nUK construction input prices see steepest drop since 2009<\/title>\n<meta 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