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Downturn in UK and eurozone construction eases while in financial markets, European shares rise and Brent crude hovers around $80 a barrel

Max Jones, director and head of construction at Lloyds, was more upbeat.

A further improvement this month suggests confidence is rising across the sector. Businesses continue to invest and plan for growth, supported by some improvements in economic conditions. While project funding is largely in place, the scale and complexity of planned works mean that momentum is expected to build steadily over time.

Demand for major infrastructure and civil engineering work remains healthy, supported by investment in areas such as regulated utilities, defence and transport. Many firms are continuing to look for opportunities to grow, leaving the sector well placed to benefit as the government’s renewed focus on transport and infrastructure investment takes shape.

A summer marked by settled weather would usually be an opportunity for contractors to drive growth in output. But, despite decline slowing further, firms’ prospects aren’t going to change materially until we see movement in the economic outlook.

Many projects are still in a holding pattern and awaiting a green light from clients who remain cautious of stubbornly high inflation and interest rates. One thing that will boost confidence is speedy decision-making from the government. The Social and Affordable Housing Programme is one example that will spur builders into action, but we can’t afford even a moment’s delay.