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Indicator Digest

Construction

Main Indicator: Construction PMI

Most Recent Release

July
2nd, 2009
Actual Forecast Previous Revised Form
44.5 46.1 45.9 N/A

For June
Provided by: Chartered Institute of Purchasing and Supply (CIPS) (sub. req'd)

The CIPS/Markit UK construction PMI unexpectedly declined to 44.5 in June from 45.9 in May, indicating contraction in UK construction-sector activity for sixteen months, according to data from Markit Economics and the Chartered Institute of Purchasing and Supply.  

Table of Past Data

10/211/412/21/52/33/34/25/56/27/2
Actual38.835.131.829.334.527.830.938.145.944.5
Forecast39.037.733.830.528.834.227.631.939.146.1
Previous40.538.835.131.829.334.527.830.938.145.9
Revised FromN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A

Past Releases

June
2nd, 2009
Actual Forecast Previous Revised Form
45.9 39.1 38.1 N/A

For May
Provided by: Chartered Institute of Purchasing and Supply (CIPS) (sub. req'd)

The UK construction PMI rose to its highest level in 13 months in May, jumping to 45.9 following a 38.1 reading in April. A reading below 50 means that the sector is still contracting however. The housing market in the UK is seeing some tentative positive signs as housing prices seem to be bottoming and mortgage approvals rose to the highest level in a year in April. 

May
5th, 2009
Actual Forecast Previous Revised Form
38.1 31.9 30.9 N/A
For April
Provided by: Chartered Institute of Purchasing and Supply (CIPS) (sub. req'd)
April
2nd, 2009
Actual Forecast Previous Revised Form
30.9 27.6 27.8 N/A
For March
Provided by: Chartered Institute of Purchasing and Supply (CIPS) (sub. req'd)
March
3rd, 2009
Actual Forecast Previous Revised Form
27.8 34.2 34.5 N/A
For Febraury
Provided by: Chartered Institute of Purchasing and Supply (CIPS) (sub. req'd)
February
3rd, 2009
Actual Forecast Previous Revised Form
34.5 28.8 29.3 N/A
For January
Provided by: Chartered Institute of Purchasing and Supply (CIPS) (sub. req'd)
January
5th, 2009
Actual Forecast Previous Revised Form
29.3 30.5 31.8 N/A

For December
Provided by: Chartered Institute of Purchasing and Supply (CIPS) (sub. req'd)

In the UK, the construction PMI fell to 29.3, reflecting a deepening of the contraction in that sector. With the housing market reeling in the UK, the construction industry has gone into hibernation.

December
2nd, 2008
Actual Forecast Previous Revised Form
31.8 33.8 35.1 N/A

For November
Provided by: Chartered Institute of Purchasing and Supply (CIPS) (sub. req'd)

The construction PMI, like everything else in the UK, saw another slide in November, falling to 31.8 from 35.1 in October. It's the lowest level for this index since its inception in 1997. UK construction accounts for 6% of the UK economy, but can be an important indicator for the housing market. Homebuilders are battling the biggest slump in their industry in 25 years after credit markets froze up and potential home buyers found it harder to secure mortgage lending. Lending numbers have not picked up despite efforts by the Bank of England to get credit pumping again. The Monetary Policy Committee is expected to lower rates by 100 basis points on Thursday in their latest attempt to lower borrowing costs.

November
4th, 2008
Actual Forecast Previous Revised Form
35.1 37.7 38.8 N/A

For October
Provided by: Chartered Institute of Purchasing and Supply (CIPS) (sub. req'd)

After seeing 5 straight months of contraction numbers, UK's October construction PMI slipped to 35.1 to the lowest point since the series began in 1997. Job losses are very pronounced in the construction industry as the credit crunch slams the commercial property.

October
2nd, 2008
Actual Forecast Previous Revised Form
38.8 39.0 40.5 N/A

For September
Provided by: Chartered Institute of Purchasing and Supply (CIPS) (sub. req'd)

The UK construction sector shrank at a faster pace than in August than in September, and slightly faster than the mean forecast as well.