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British construction industry experience worst performance for 7 years

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British construction industry experience worst performance for 7 years

Last month, the construction industry of Great Britain suffered its weakest performance over the course of 7 years, BBC reports.

This figure is provided by the survey conducted on a basis of the data, which had been gathered before the nationwide referendum on EU membership was held.

In June, the Markit/CIPS construction purchasing managers' index was down to 46.0, indicating contraction, what turned out to be its lowest level since June 2009.

“However, the extent and speed of the downturn in the face of political and economic uncertainty is a clear warning flag for the wider post-Brexit economic outlook," commented Tim Moore, senior economist at Markit.

The drop in the purchasing managers' index was caused by a sharp decline in housing construction, however, the commercial real estate was affected as well.

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