Most economists had expected activity to rebound in February but S&P Global construction PMI slumped to 44.6

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Steep declines in housebuilding and engineering work plunged the UK’s construction sector to its lowest level of activity since May 2020, according to a survey of building companies.

After one of the steepest monthly declines in housebuilding activity, the latest S&P Global construction purchasing managers’ index (PMI) slumped to 44.6 in February – a sharp drop from 48.1 in January.