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Financial News: UK Construction Growth At 5-Month High

UK Construction Growth At 5-Month High

12/04/2017 - 04:52:00 (RTTNews)

(RTTNews) - British construction activity expanded at the fastest pace in five months in November, driven by solid rise in residential building work, survey data from IHS Markit showed Monday.

The IHS Markit/Chartered Institute of Procurement & Supply construction Purchasing Managers' Index rose to 53.1 in November from 50.8 in October. Any reading above 50 indicates expansion in the sector.

The survey revealed that resilient demand and a supportive policy backdrop had driven the robust and accelerated upturn in residential work.

At the same time, commercial and civil engineering activity continue to decline in November and the latter now experiencing its longest period of decline since the first half of 2013.

New orders rebounded moderately in November and the rate of growth was the fastest in five months. Consequently, employment and input buying increased marginally.

On the price front, cost inflation eased to a 14-month low, with some firms reporting signs that exchange-rate driven price rises had started to lose intensity.

"Business optimism across the construction sector remained relatively subdued, but picked up from the near five-year low seen in October," Tim Moore, Associate Director at IHS Markit, said.

"This represented the first improvement in confidence for three months, which construction firms attributed to increased sales enquiries and hopes that risk aversion among clients will recede over the course of next year."

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