The UK construction sector is facing a severe downturn, with the S&P Global PMI indicating a sharp decrease in activity. Angela Rayner's ambitious goal of 1.5 million new homes is now in question as the latest report shows a notable decline in housebuilding. The PMI reading dropped to 39.3 in February, raising concerns about housing targets amidst high borrowing costs and market weaknesses, reflecting the worst situation since the global financial crisis. This decline highlights the challenges ahead for the government and its ambitious housing plans.
Angela Rayner warned there was no excuse not to meet her goal of 1.5m new homes, while Sir Keir Starmer doubled down on the pledge, committing to creation of new towns before the next election.
The S&P Global construction purchasing managers' index showed a reading of 44.6 in February, down from 48.1 in January, indicating a concerning decline in construction activity.
The poll’s gauge of housebuilding dropped to 39.3, down from 44.9 in January; marking one of the sharpest downturns since the pandemic began.
Amidst worries of a weak housing market and high borrowing costs, the construction sector faces its worst decline since early 2009, impacting housing targets significantly.
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