UK Construction Sector Experiences Significant Growth in July
UK: The UK construction sector experienced a notable surge in growth as July saw a significant rise in activity and new orders, prompting companies to boost purchasing and hiring efforts for the third consecutive month. The S&P Global UK Construction PMI climbed to 55.3 in July, up from 52.2 in June, marking the fastest rate of expansion since May 2022. Activity increased across all construction categories, with housing projects returning to growth, solid gains in commercial activity, and the sharpest growth in civil engineering in nearly two and a half years. The rise in construction activity was attributed to success in securing new orders and improved market demand. In response, construction firms increased purchasing and hiring, leading to the highest employment levels in a year. The increased demand for materials exerted pressure on suppliers, resulting in faster input cost inflation. Despite a dip in sentiment, construction firms remain optimistic about future activity, with nearly 53% expecting an increase over the next 12 months. This upswing is a positive indicator for mortgage intermediaries, offering new sales opportunities and the ability to help new customers finance new homes.
Source: Mortgage Introducer
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