Official measures of the sector will tell you that total output levels now stand at an all-time high. But July's record-breaking month for construction work is no cause for unbridled celebration. IHS Markit's purchasing managers' index (PMI) shows construction growth waning in August, while subdued productivity and supply chain issues mean that capacity constraints lie ahead. It's well understood that workloads in recent months have simply rebounded from depressed levels after the late-winter freeze. However, the most revealing indicator this summer is the fragile supply chain response to a spike in demand, which provides a clear warning about the growth constraints holding back construction as Brexit approaches.
展开▼
