What’s going on in the construction sector at the moment? On one hand, we have the statistics implying its all doom and gloom, and on the other hand, many of my customers are saying they’ve never been busier. How do we reconcile these conflicting sentiments, and what do they mean for us all?
The IHS Markit / CIPS UK Construction PMI has been in the doldrums for months, sitting well below the 50 break even point. Their latest data release for October was 44.2, following on from September’s weak 43.3. Experian is expecting a flat year for construction this year, up 1.2% and the ONS new orders data for quarter 2 was 13.3% down, more than reversing the gains we saw in the first quarter of this year.
But when I speak to my customers, they all say they’re flat out and never been busier tendering. So what’s the story?