This is the last article you can read this month
You can read more article this month
You can read more articles this month
Sorry your limit is up for this month
Reset on:
Please help support the Morning Star by subscribing here
BRITAIN’S construction industry has experienced its worst month in seven years, according to a respected index published yesterday.
The Markit construction purchasing managers’ index (PMI) recorded a worse-than-expected 46 in June — down from 51.2 in May and well below economists’ expectations of 50.6. A reading above 50 indicates growth.
The sharp contraction was driven by a “steep decline” in housebuilding and the first fall in commercial construction work since May 2013.
Uncertainty caused by the EU referendum was blamed for the slump, although 80 per cent of responses were received before polling day on June 24.
TUC general secretary Frances O’Grady said: “The Brexit vote is likely to further damage the confidence of investors in the construction sector. The government must respond quickly with an emergency programme of public investment to stop the UK economy taking a nose-dive.”
She called for the construction of major new infrastructure and a big expansion of housebuilding.
