Fears of higher interest rates drove housebuilding down at a pace only seen during the heights of the pandemic and global financial crisis, though strong commercial building meant that the construction sector as a whole grew.
According to the S&P Global / CIPS UK Construction PMI, residential construction has now fallen for six straight months, with the current decline the sharpest since May 2020. The residential PMI reading for the month was 42.7, with any figure below 50 representing a decline.
