UK civil engineering suffers worst slump since 2009 amid Brexit gloom – business live

Rolling coverage of the latest economic and financial news

Earlier:

9.58am GMT

The construction industry is always vulnerable to political and economic uncertainty, as today’s PMI report proves.

When growth is weakening, it’s hard to persuade clients to invest in major projects – such as a new house or office block. If politicians are caught up in one crisis, they can’t focus on other priorities such as transport infrastructure.

“The construction sector’s distressing decline continued in October in spite of a small improvement in the headline index as a resolution to the political impasse seemed close. However with a fall in civil engineering not seen for a decade and the biggest drop in housebuilding since 2016, it appears that strength in the sector is seeping away.

“Jobs hiring suffered as businesses unsure of the Government’s next steps held back on their development plans, which were weakened further by stronger competition for fewer opportunities. Future optimism remained at 2012 levels as the deep-seated Brexit gloom dampened down expectations.

9.57am GMT

More gloomy news from UK construction industry via @ihsmarkit:
– 3rd lowest PMI since 2009
– Biggest fall in housing activity since 2016
– Civil engineering weakest since 2009
https://t.co/BX2KJPTgek

Continue reading…Rolling coverage of the latest economic and financial newsLatest: UK construction slump continuesCivil engineering shrinks at fastest pace since 2009Construction PMI: 44.2, showing another contractionEarlier:Germany’s manufacturing in recessionFrance growing, but problems in Italy and SpainMothercare UK heads to administrationTrade war optimism lifts markets 9.58am GMTThe construction industry is always vulnerable to political and economic uncertainty, as today’s PMI report proves.When growth is weakening, it’s hard to persuade clients to invest in major projects – such as a new house or office block. If politicians are caught up in one crisis, they can’t focus on other priorities such as transport infrastructure.“The construction sector’s distressing decline continued in October in spite of a small improvement in the headline index as a resolution to the political impasse seemed close. However with a fall in civil engineering not seen for a decade and the biggest drop in housebuilding since 2016, it appears that strength in the sector is seeping away. “Jobs hiring suffered as businesses unsure of the Government’s next steps held back on their development plans, which were weakened further by stronger competition for fewer opportunities. Future optimism remained at 2012 levels as the deep-seated Brexit gloom dampened down expectations. 9.57am GMTMore gloomy news from UK construction industry via @ihsmarkit:- 3rd lowest PMI since 2009- Biggest fall in housing activity since 2016- Civil engineering weakest since 2009https://t.co/BX2KJPTgek Continue reading…

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