The construction industry has had its worst performance since the last recession.
This is an industry that feels every bump in the economy and is usually one of the first casualties of the local markets.
According to the Guardian, "The Markit Cips construction purchasing managers’ index (PMI) tumbled to 46 in June. It was the first time since April 2013 that it was below the 50 threshold which separates growth from contraction."
While reports state that the construction industry may continue to face further dips in the sector if uncertainty is increased, it is still early days since the results of the referendum were announced.
However, it seems only yesterday that we had come out of the dark days of 2009 and the years that followed. Pressing ahead with infrastructure projects to keep the industry moving will be required more than before.
The construction industry is also vulnerable to the socio-economic issues around supply chain, costs of labour and materials.
The TUC general secretary, Frances O’Grady, said the sector’s difficulties showed the government needed to press ahead with major infrastructure projects: “The Brexit vote is likely to further damage the confidence of investors in the construction sector. The government must respond quickly with an emergency programme of public investment to stop the UK economy taking a nosedive,” she said.
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