In the latest report from S&P Global and CIPS, the Purchasing Managers' Index (PMI) for the UK construction sector in February 2024 suggests a slight improvement, with the index rising to 49.7 from 48.8 in January 2024. While any figure below 50 indicates a contraction, the uptick in February's PMI indicates a modest expansion in the sector.
Despite ongoing challenges such as supply chain disruptions and labor shortages, the construction industry showed resilience and managed to inch closer to the growth territory. The updated data was released on 6th March 2024, providing insight into the sector's performance at the beginning of the year.
Observers are cautiously optimistic about the construction industry's prospects in the UK, highlighting the need for continued support and stability to foster sustained growth in the coming months.
