UK construction sector suffers slowest growth for nine months as house building loses momentum
The UK's construction sector lost steam in January, new figures reveal.
Markit's construction purchasing managers' index – compiled from a survey of firms – dropped to a score of 55 from 57.8. While it is above the 50 mark that indicates no change in activity on the previous month, it marks a slower expansion.
Weighing on the figure was a drop in job creation. The number of opportunities being created fell to its weakest past for nearly two-and-a-half years.
House building was also subdued. Residential building activity expanded at its second-weakest pace since 2013.
Commercial building was the best performing category, but increased at its lowest rate since June last year.
"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," said economist Tim Moore from Markit.
"Business confidence appears to have subsided across the construction sector, following the multiyear highs seen in 2015."