Housebuilding stalls in March – PMI

13th May 2016

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The Negotiator

Residential building image Growth 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.

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