New data has suggested that the UK construction sector has proven more resilient after the Brexit vote than first thought.
The Markit / Chartered Institute of Procurement & Supply Purchasing Managers Index (PMI) for July - the first full month's figures published since the referendum - indicated that activity fell overall for the second month in a row and the overall reading of 45.9 was fractionally down on the PMI of 46 recorded in June.
However, new orders fell at a slower pace than June, with one bright spot being the potential for more exports thanks to the depreciation of the pound after the vote.
Senior economist at Markit Tim Moore said the fall in confidence in firms had not fallen to a lower level than it was at in 2013, and that clients appeared to have put orders on hold rather than cancelling them.
While this did not suggest an imminent turnaround, he noted that "a relief factor appears to have softened the fall in business optimism among UK construction companies".
