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LONDON (Reuters) – Progress in Britain’s building sector cooled in December because the Omicron variant of coronavirus unfold, a survey confirmed on Friday.
The IHS Markit/CIPS UK Building Buying Managers’ Index (PMI) fell to a three-month low of 54.3 in December from 55.5 in November. A Reuters ballot of economists had pointed to a studying of 54.0.
Civil engineering exercise declined for the primary time since February and development within the industrial sector slowed. Solely housebuilding noticed a pickup in December, the survey confirmed.
Many survey respondents cited disruption arising from COVID-19 instances, which hit new information final month because the Omicron variant unfold quickly.
“UK building corporations ended final yr on a barely weaker footing as renewed pandemic restrictions held again the restoration, particularly in industrial and civil engineering work,” mentioned Tim Moore, director at IHS Markit.
Just like the PMIs revealed earlier this week for the manufacturing and providers sectors, the development survey confirmed an easing in very excessive value pressures confronted by corporations.
The survey’s gauge of provider supply occasions rose to its highest degree since November 2020, signalling diminished disruption to provide chains.
“The worst part of provider delays appears to have handed as the provision of building merchandise and supplies continued to show a nook in December,” Moore mentioned.
The all-sector PMI, which mixes the development, manufacturing and providers readings over the week, fell to 53.6 in December from 57.4 in November, its lowest since February and a drop largely reflecting the hit to consumer-facing companies from Omicron’s unfold.
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