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

Steep declines in housebuilding and engineering work have led to the biggest plunge in UK construction activity since May 2020, according to a survey of building companies.

With firms blaming a lack of consumer demand and high interest rates, the S&P Global construction purchasing managers’ index (PMI) for February slumped to 44.6 – a sharp drop from 48.1 in January – after one of the biggest monthly falls in housebuilding activity on record.