Brexit Uncertainty Threatening Construction Sector
4th January 2018.
Brexit-related uncertainty continued to hamper the UK’s construction sector in December, according to a recent survey.
The Purchasing Managers’ Index (PMI) for commercial construction dipped further last month, suggesting the continued negative fallout of Brexit.
The general outlook for the economy over next 12 months was also at its most bleak since mid-2013.
“It appears that the continued fall in commercial activity is the result of continued Brexit-related uncertainty, with clients still hesitating to spend on bigger projects,” said Duncan Brock of the Chartered Institute of Procurement and Supply.
The Office for National Statistics recently released new estimates for the sector, where construction output contracted by 0.5 per cent in the third quarter of 2017.
This could have devastating effects on the general economy, with construction accounting for around 6 percent of UK GDP.
On the other hand, the PMI for manufacturing showed continued robust activity in December, as exporters were boosted by stronger global growth and the weaker pound since the Brexit vote.
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