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Financial News: UK Construction Sector Growth Improves In July

UK Construction Sector Growth Improves In July

08/02/2018 - 04:51:00 (RTTNews)

(RTTNews) - The UK construction sector logged a stronger growth in July underpinned by the fastest increase in residential work for just over two-and-a-half years, survey data from IHS Markit showed Thursday.

The IHS Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index rose unexpectedly to 55.8 in July from 53.1 in the previous month. The score was forecast to fall to 52.8.

The score signaled the fastest rise in overall construction output since May 2017. Survey respondents commented on improving demand conditions, higher volumes of new project starts and, in some cases, a degree of catch-up from the bad weather earlier in 2018, data showed.

House building was the best performing category of construction activity in July, with the latest upturn the strongest since December 2015.

Commercial work also picked up at the fastest pace for just over two and-a-half years. Civil engineering activity increased only moderately, albeit at a sharper rate than in June.

"Bearing in mind the sector has experienced a number of twists and turns over the last couple of years, we must all remain watchful for any return to uncertainty as Brexit approaches," Duncan Brock, Group Director at CIPS, said.

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