Beard Construction comments on CIPS PMI data

07 May 2024

Following the release of the latest CIPS PMI construction data, which shows the fastest expansion of construction output since February 2023, we have a comment from Beard Construction.

Fraser Johns, finance director at Beard, said: “This latest data paints a really positive picture for the construction sector with persistent growth in both output and new orders. Given our own experiences on the ground, it comes as no surprise to see commercial work helping to lead that charge in April. While refurbishment remains a core part of our activity in this sector, we continue to see an increasing number of clients pulling the trigger on new build projects.

“Although recent history has proven it can be dangerous to make predictions, the general consensus is one of positivity as we head further into the year. An improving economic picture certainly plays a big part in that, as does growing sentiment around the path of interest rates, which will help to relieve some of the pressures on borrowing costs. There are of course some unknowns – in particular, the potential for a change in government, which could bring changes to spending plans in the public sector and impact the likes of infrastructure new work for example.

“Nonetheless, we are hugely encouraged by the performance of the sector and of our regional offices across the south of England. We are also incredibly positive about our prospects for the rest of the year as our future pipeline continues to grow. The advice remains for firms to control what they can control, keep clients close and work collaboratively with supply chain partners to capitalise on opportunities across the sector.”