World Economy

UK Construction Growth Falls

UK Construction Growth FallsUK Construction Growth Falls

Growth in Britain’s construction industry was its weakest in nine months in January after a short-lived recovery in December, a survey published on Tuesday showed. The Markit/CIPS Purchasing Managers’ Index weakened to 55.0 from 57.8, below the median forecast of 57.5 in a Reuters poll of economists. Order books grew at the weakest pace in four months and construction firms took on staff at the slowest rate since September 2013. Housebuilding and commercial property work were the biggest drivers behind the slowdown in January, according to survey compiler Markit. “UK construction firms struggled for momentum at the start of this year, with heightened economic uncertainty acting as a brake on new orders and contributing to one of the weakest rises in output levels since the summer of 2013,” Markit economist Tim Moore said.