The UK construction data is currently somewhat of an enigma. The housing market should be benefiting from super low mortgage rates and the high level of consumer confidence but, in fact, housing construction is actually …
The UK construction data is currently somewhat of an enigma. The housing market should be benefiting from super low mortgage rates and the high level of consumer confidence but, in fact, housing construction is actually falling. Moreover, commercial and infrastructure construction are also struggling to grow.
The construction PMI also appears to have peaked, although at a level that should be consistent with positive growth. There are clear reasons why infrastructure construction should be weak - there is no government money to fund it - but surprising to see similar softness in industrial and commercial construction which should be benefiting from the strength of the economic recovery.
In the April data a little bit more strength is expected in housing construction in reaction to the favorable consumer conditions.
Societe Generale sees an increase in the UK construction PMI from 57.8 to 58.5.
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