As was the case last month, an improvement in delivery times and subcontractor availability drove a surprise rise on the headline construction PMI in October. But a slowing economy and higher financing costs mean that improvement won’t last. Indeed, the forward-looking components of the survey all dropped back, with the new orders/incoming business balance now below 50. As a result, we think commercial and housing construction activity will soon start to contract.
In view of the wider interest, we are also sending this UK Commercial Property Update to clients of our UK Housing Service.
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