While housebuilding fell in July, it was offset by a rise in corporate work, experts said.
Earlier in the week, sales at the UK's third biggest housebuilder, Taylor Wimpey, fell along with profits in the first six months of 2023, as corporate results showed fewer houses were being bought.Commercial builders may have an economic cushion to protect them from the high borrowing hurts, the company added.
It said:"Corporates underinvested throughout the years of Brexit uncertainty and the COVID-19 crisis, and therefore have entered this period of monetary tightening with relatively little debt, excess cash and a wide range of capital projects that still are profitable to undertake even with higher borrowing costs."
Reduced demand did benefit some parts of the construction sector as reduced competition for goods and services led to a slowed rate of building materials inflation, compared to the first six months of 2023. The commercial activity index increased to 54.4, from 53 in June, and the civil engineering activity index strengthened to 53.9, from 53.1.
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