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Construction activity falls at record pace in June

LONDON
Wed Jul 2, 2008 4:44am EDT

LONDON (Reuters) - Construction activity fell at its sharpest pace in at least 11 years in June as operating conditions in all sub-sectors fell at record rates, a survey showed on Wednesday.

The Chartered Institute of Purchasing and Supply's construction PMI fell for the fourth month to 38.8 from 43.9 in May. That was the weakest reading since the survey began in 1997.

Any reading below 50 signals contraction.

The housing sub-index fell to 25.6 in June from 32.7.

"Of all the sub-sectors covered in the report, housing bore the brunt of the credit crunch fallout, reflecting the steep decline in new house building," Roy Ayliffe of CIPS said


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