Home » News » Land & New Homes » Housebuilding stalls in March – PMI
Land & New Homes

Housebuilding stalls in March – PMI

The Negotiator

Residential building imageGrowth in construction of new homes in Britain fell to its lowest level in three years in March, the latest figures show.

While the pace of growth picked up in commercial property and civil engineering, the Markit/CIPS UK Construction Purchasing Managers’ Index (PMI) gauge of housing construction activity plunged to its lowest level since January 2013.

Greater uncertainty about the business outlook appears to have weighed on overall construction demand so far in 2016, with survey respondents citing cautious client spending patterns and a reduced willingness to commit to new projects.

“Residential building has seen the greatest loss of momentum through the first quarter of 2016, which is a surprising reversal of fortunes given strong market fundamentals and its clear outperformance over the past three years,” Tim Moore, Senior Economist at Markit, said.

May 13, 2016

What's your opinion?

Please note: This is a site for professional discussion. Comments will carry your full name and company.

This site uses Akismet to reduce spam. Learn how your comment data is processed.