Davy Research

Market comment

Contraction in UK construction output intensifies

DAVY VIEW

Friday’s UK construction output data showed a 3.2% contraction on the year, led by commercial investment and weak public capital expenditure. New orders data and the construction sector PMI suggest that conditions will remain weak. Pressure has mounted on Chancellor Philip Hammond to relax the budgetary purse strings in his spring budget statement on Tuesday (March 13th). However, it looks unlikely that Hammond will deviate from existing plans.

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