UK Housebuilding in Sharpest Drop Since Covid Lockdown of 2020
The decline in property construction will be of major concern to the Labour government after it pledged to build 1.5 million homes over five years.
Photographer: Chris Ratcliffe/BloombergUK housebuilding dropped at the fastest pace since the first Covid lockdown, according to a closely watched survey that suggests the Labour government is failing to achieve its goal of turbocharging construction.
S&P Global’s overall construction purchasing managers’ index edged up to 40.1 in December from 39.4 in November, though it was still the second-worst month since May 2020 and below economists’ expectations of 42.3. Any reading below 50 signals a contraction.