The fall in new construction orders for the first time since May 2020, as reported by S&P Global / CIPS UK Construction PMI, is a worry and a reflection of growing nervousness in the building industry about future workloads says, the Federation of Master Builders (FMB).
Brian Berry, Chief Executive of the FMB said: “It is encouraging that the recent data shows a steady, but modest improvement in output in the construction sector. While there has been a modest level of growth, the data highlights that the next few months will continue to be hard on the industry, with expectations of a fall in volumes of new work and concerns around the longer-term UK economic outlook.”
Berry continued: “The data is a key indication on how the current economic climate is impacting the industry on a wider scale, which is why the FMB is calling on the Government to prioritise investment in energy efficiency improvements, via a UK-wide national retrofit strategy, which would help create thousands of new jobs, boost regional economies, reduce energy bills, and help secure the UK’s energy supply. As an immediate boost, the removal of VAT on repair, maintenance and improvement work would immediately save consumers money and incentivise them to carry our more work which will reinvest into the industry.”
