FX.co ★ UK Construction PMI Lowest in Over 5 Years

The S&P Global UK Construction PMI experienced a decline, settling at 39.4 in November 2025, compared to 44.1 in October. This indicates the most pronounced contraction in UK construction output in five-and-a-half years, amid difficult market conditions. New orders also fell significantly, marking the most substantial drop since May 2020. Numerous construction firms reported diminished client confidence and postponed spending decisions, attributable to uncertainties surrounding the upcoming Budget. Activity in housing (35.4), commercial construction (43.8), and civil engineering (30.0) sectors faced the sharpest declines observed over the past five-and-a-half years. Survey participants highlighted fragile market confidence, project delays, and a general scarcity of new work. Employment decreased at its most rapid pace since August 2020, and business optimism reached its lowest point since December 2022.