标普全球英国建筑业采购经理人指数从4月份的46.6升至2025年5月的47.9，这是自1月份以来最慢的下降。产量和新订单小幅下降，而商业信心达到2024年12月以来的最高水平。然而，就业是一个弱点，由于需求疲软和利润压力，失业率加速至2020年8月以来的最快水平。住宅建筑仍然是表现最差的部分，而商业建筑仅略有下降。采购活动和分包商的使用也有所下降，改善了供应时间。投入成本通胀保持高位，但从3月份的高点有所回落，供应商转嫁了不断上涨的工资成本。骨料、隔热材料和木材等材料价格上涨，但燃料成本下降。企业持谨慎乐观态度，希望房地产市场复苏、基础设施增长和降息，但对英国整体经济前景的担忧仍然存在。

The headline S&P Global UK Construction PMI rose to 47.9 in May 2025 from 46.6 in April, indicating the slowest drop in activity since January. Output and new orders fell modestly, while business confidence hit its highest since December 2024. However, employment was a weak spot, with job losses accelerating to their fastest rate since August 2020 due to subdued demand and margin pressure. Residential construction remained the worst-performing segment, while commercial work saw only a slight decline. Purchasing activity and subcontractor use also declined, improving supply times. Input cost inflation stayed elevated but eased from March highs, with suppliers passing on rising payroll costs. Materials like aggregates, insulation, and timber rose in price, though fuel costs declined. Firms are cautiously optimistic, hoping for housing market recovery, infrastructure growth, and rate cuts, but concerns over the UK’s broader economic outlook remain.