- Output | Construction PMI returned to growth (above 50.0) to 52.3, despite forecasters expecting a reading of 48. Whilst supply chain pressures have eased, business optimism has degraded below levels seen in July 2020 and new orders have stalled.
- Insolvency | Tax advisory firm Mazars has found that almost 17,000 construction-related businesses are at “significant risk” of insolvency, with high inflation and rising interest rates, increasing the number of financially stressed firms by 54%. The ONS also highlighted that the number of company insolvencies in Q2 was at a thirteen-year high and the number of companies becoming insolvent was 46% higher than the average recorded over the four years before the pandemic.
- HS2 Labour | The construction of HS2 is currently employing more than 27,000 staff across 350 sites. In London, the first of six tunnel-boring machines was started.
- Arbitration | The Law Commission is consulting on reforms to the Arbitration Act 1996 to ensure that it remains “state of the art”. The consultation will remain open until December.
- New starts fell 27% in the third quarter, according to Glenigan, and are 23% lower when compared annually.
- Cladding | The Department for Levelling Up has taken its first step towards legal action against a building owner over failure to fix unsafe cladding following two years of delays by the building owner.