The news, from the monthly construction PMI, discovered that, while activity in the sector improved in October, continued contraction of the commercial and housing sectors resulted in the decline of new work.
Writing in The Guardian, Julia Kollewe commented that 'squeezed budgets and clients' worries about the economic outlook have resulted in the longest period of falling new order volumes since the height of the crisis in 2008/02.'
Speaking to the Guardian, Howard Archer, chief UK and European economist at HIS Global Oversight Howard, commented:
"The construction sector continues to be hampered by major headwinds, notably including public spending cuts, an extended weak economy, a struggling housing sector, and problems in getting funding for large-scale projects."
At Aldermore, we recognise the challenges facing the construction industry. Over the past two years, we've been championing businesses with a demand for lower fuel costs and by offering products designed with the construction sector in mind. We recognise the pressures on construction companies; pressures reflected by the fastest fall in staffing levels in the industry since August 2011.
Last month, we reaffirmed our commitment to the construction and mortgages market with the news that Barratts Developments would be offering Aldermore NewBuy Mortgages. You can hear our managing director of Aldermore Residential Mortgages below speaking about why the NewBuy scheme benefits both new homeowners and the construction industry. The scheme aims to create 110,000 new home purchases over a three year period.
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