UK Construction Firms Report Smaller Orderbooks

British construction firms report having almost a third less work in the pipeline than a year ago, with Brexit and the collapse of larger contractors a major worry, an annual survey of subcontractors showed on Tuesday, Reuters reported. Subcontractors reported having 19 weeks of work to fall back on, down from 27 weeks a year earlier, according to the survey by trade finance provider Bibby Financial Services, an advance copy of which was provided to Reuters. The subdued mood echoes official construction data released on Monday, which showed a sharp slowdown in annual growth to 2.4% in April, while May’s IHS Markit/CIPS construction purchasing managers’ index (PMI) dropped to its lowest since March 2018. Read more