{"id":25661,"date":"2016-09-02T11:02:40","date_gmt":"2016-09-02T11:02:40","guid":{"rendered":"http:\/\/planningandbuildingcontroltoday.co.uk\/?p=25661"},"modified":"2016-11-23T12:44:53","modified_gmt":"2016-11-23T12:44:53","slug":"uk-construction-sees-moderate-stability-august","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/uk-construction-sees-moderate-stability-august\/25661\/","title":{"rendered":"UK construction sees moderate stability in August"},"content":{"rendered":"

The latest Markit survey has revealed moderate stability returned to the construction industry in August, despite seeing a contraction in growth<\/h2>\n

It has been a difficult period for the construction sector. The Markit<\/span><\/a> and CIPS<\/span><\/a> Purchasing Managers Index (PMI) revealed just how bad things had become last month, after the PMI<\/span><\/a> reading for July hit 45.9. A reading below 50 indicates contraction in the sector.<\/p>\n

While August saw a little growth, reaching a reading of 49.2, the figure still shows the sector in is not growing.<\/p>\n

This latest reading revealed the industry fell for its third consecutive month, but August\u2019s figure surpassed the forecast of 46.3, which was given by economists<\/p>\n

Markit said the falling pound was causing difficulties for construction, increasing input costs at its fastest pace in five years as imported materials cost the private sector more.<\/p>\n

Furthermore, uncertainty caused by the referendum vote also caused some construction firms to experience a slowdown in activity.<\/p>\n

However, the survey also showed evidence of increasing confidence among clients from the 39-month low seen in July.<\/p>\n

Senior economist at Markit Tim Moore said firms were undergoing a \u201cnascent recovery\u201d in confidence and said there was \u201chope that the near-term fallout from Brexit uncertainty will prove less severe than feared\u201d.<\/p>\n

\u201cThe downturn in UK construction activity has eased considerably since July, primarily helped by a much slower decline in commercial building.<\/p>\n

\u201cConstruction firms cited a nascent recovery in client confidence since the EU referendum result and a relatively steady flow of invitations to tender in August.\u201d<\/p>\n

Chris Williamson at Markit said: \u201cCut through the noise and volatility of the past few months and the overall picture is one of the construction sector in a moderate downturn, and its disappointing performance so far in 2016 is a far cry from the solid growth seen throughout much of the prior three years.\u201d<\/p>\n

Mike Chappell, of Lloyds Bank<\/span><\/a> commercial banking, said: \u201cThe past month has seen a number of the bigger players in the sector report robust results with a relatively upbeat outlook, suggesting there may have been less negative impact from the EU referendum result than was originally feared, at least at the top of the market.<\/p>\n

\u201cThe order books of larger firms, many of which benefit from diversified revenue streams, appear to be in good shape, while several have either increased or restored their dividends.<\/p>\n

\u201cThat said, anecdotal evidence indicates those further down the chain \u2013 such as mid-tier contractors and SMEs \u2013 are less bullish and more likely to adopt a \u2018wait and see\u2019 approach.\u201d<\/p>\n

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

The latest Markit survey has revealed moderate stability returned to the construction industry in August, despite seeing a contraction in growth It has been a difficult period for the construction sector. The Markit and CIPS Purchasing Managers Index (PMI) revealed just how bad things had become last month, after the PMI reading for July hit […]<\/p>\n","protected":false},"author":3,"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":[],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-25661","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news"},"acf":[],"yoast_head":"\nUK construction sees moderate stability in August | Planning, Building & Construction Today<\/title>\n<meta name=\"description\" content=\"The latest Markit survey has revealed moderate stability returned to the construction industry in August, despite 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