First signs of growth in half a year, but housing figures sluggish, says FMB

S&P Global/CIPS UK Construction PMI data for March 2024 has provided a positive overall picture of output for the UK Construction industry, with figures showing an increase in total activity for the first time in six months, however housing figures have seen minimal change, according to the Federation of Master Builders (FMB).

Brian Berry, Chief Executive of the FMB said “These figures show that the growth in construction output has been fractional, and that house building has seen minimal change since February. While the stabilisation in residential housing work represents the sector’s best figures since November 2022, it is clear that there is still much more progress to make. The Government must look at today’s figures and see that there are still plenty of barriers to overcome until we start delivering more homes and achieve the much-coveted aim of sustained economic growth.” Berry concluded: “With an election likely just months away, it’s clear that housing should be an issue at the front and centre of any campaign. But construction more generally, which is a key driver for growth needs to be nurtured. Small, local builders are the backbone of the UK economy, delivering new homes and upgrading existing ones, but they have had it tough for some time now – we will be looking to the new government to provide a boost too the sector.”