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Builders feel chill
ACTIVITY in the UK’s construction industry sank to its lowest level for nearly a decade last month, a report has revealed.
The Chartered Institute of Purchasing and Supply (CIPS) said its Construction Purchasing Managers’ Index - which measures overall industry performance - registered 46.1 in April, the weakest reading since December 1998. A figure of 50 represents growth.
Last month’s measure was down from March’s figure of 47.2, which signalled the first contraction for the industry in more than six years. The further deterioration came as optimism in sector growth over the coming year fell to its lowest level since October 1998, at 60.1.
Weak economic conditions in the UK and reduced tendering opportunities were blamed for the drop.
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