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FILE PHOTO: Cranes fill the sky over a construction site in central London, Great Britain, August 21, 2018. REUTERS / Phil NobleReuters
LONDON (Reuters) – Growth in the British construction sector slowed in January to its lowest level since last March, as uncertainty around Brexit weighed heavily on commercial construction, a business survey revealed. on Monday.
The UK Construction Purchasing Managers' Index (IHS Markit / CIPS UK) rose from 52.8 in December to 50.6, down from all forecasts of a survey conducted by Reuters to economists who had indicated a value of 52.4.
Growth in the housing and civil engineering sectors has slowed sharply and activity in the commercial sector has contracted for the first time since March when construction was hit. by exceptionally low temperatures.
Construction companies have hired staff at the slowest pace since July 2016, just after the Brexit referendum. Optimism prevailed with the approach of Britain's departure from the European Union, expected in less than two months.
"Delays in customer decision-making for new projects in response to Brexit uncertainty have been cited as a key source of concern early in 2019," said Tim Moore, an economist at IHS Markit, compiler of investigation.
A similar survey in the manufacturing sector also revealed a sharp slowdown in progress, triggered by the slowdown in the global economy and the uncertainty badociated with Brexit.
Prime Minister Theresa May, under pressure from her own conservative party, wants to reopen a Brexit treaty with the European Union to replace a disputed agreement on the Irish border, which Brussels rejected.
Investors urged the government to ensure an orderly exit from the club it joined in 1973.
The highly monitored IHS Markit / CIPS survey of service companies, which represents the bulk of private sector activity, is expected to be released on Tuesday.
(Report by Andy Bruce, edited by Toby Chopra)
Copyright 2019 Thomson Reuters.
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