Beard Construction comments on latest CIPS PMI data

04 November 2022

Fraser Johns, Beard finance director said: “Against a backdrop of continued economic uncertainty, it’s positive to see momentum within the UK construction sector, with activity continuing to rise. This resilience is thanks in large part to commercial building, and certainly mirrors the developments and projects we’re working on here at Beard.

“While supply chain pressures may have softened ever so slightly and recruitment improved, there’s still challenges on the horizon such as prolonged inflation impacting both material and energy costs. With the higher cost to borrow and tighter access to credit, it doesn’t come as a surprise to see a drop in confidence or the number of new orders, which looks likely to continue over the coming year.

“As ever, forging strong relationships and maintaining an open dialogue between all stakeholders will be absolutely vital in navigating the challenges we all face. It’s important we remain adaptable to deal with the obstacles in our path and to prepare ourselves for a possible drawn out recession, albeit shallower than previously feared."