Tougher times as UK construction sector slows, says FMB
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Commenting on the latest IHS Markit/CIPS UK Construction PMI data published this morning, Sarah McMonagle, Director of External Affairs at the Federation of Master Builders (FMB), said:
“These figures represent the weakest monthly performance in the UK construction industry for almost one year. Construction companies are suffering from ever-increasing costs and this is starting to act as a drag on growth. More specifically, the increase in construction material prices and higher wages and salaries due to the construction skills shortages will no doubt have contributed to these disappointing results. The commercial sector in particular fell at its fastest pace for 12 months but we also saw a loss of pace among house builders. However, although the construction sector is growing at a slower pace, it is still growing and therefore there is no reason to panic.”
