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The UK construction sector saw a significant uptick in growth in May, marking its fastest pace in almost two years. According to survey results from S&P Global, activity and new orders in the construction industry increased at sharper rates, exceeding expectations.
The Purchasing Managers’ Index for construction rose unexpectedly to 54.7 in May from 53.0 in April, surpassing the forecasted fall to 52.5. All three monitored categories reported growth for the first time since May 2022, with housing activity driving the rebound. Commercial construction activity reached a two-year high, while civil engineering growth softened slightly.
New orders experienced robust growth, with the fastest pace in a year attributed to the winning of new contracts and the resumption of delayed projects. Consequently, firms increased employment for the first time in five months, with job creation at its sharpest since September.
Purchasing activity also saw a renewed rise, reflecting improving workloads, while lead times shortened to the greatest extent in seven months. Despite a marginal increase in input costs, the rate of inflation eased to the lowest in the last five months. Sub-contractor charges rose notably but remained weaker than the series average.
Business confidence reached a three-month high in May, as respondents anticipate further growth supported by increased new orders over the coming year.
The upbeat data indicates a promising outlook for the UK construction sector, driven by heightened activity and strong demand, reigniting growth in the industry after a challenging period.
