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Financial News: UK Construction Activity Growth Accelerates On Commercial

UK Construction Activity Growth Accelerates On Commercial Work

12/06/2021 - 05:09:00 (RTTNews)

(RTTNews) - UK construction activity logged a sharp expansion in November, led by the fastest upturn in commercial work since July amid reopening of the economy, survey results from IHS Markit showed on Monday.

The Chartered Institute of Procurement & Supply services Purchasing Managers' Index rose to 55.5 in November from 54.6 in October.

The sector continued to expand for the tenth consecutive month and the latest pace of expansion was the strongest since July.

November data highlighted a welcome combination of faster output growth and softer price inflation across the UK construction sector, Tim Moore, director at IHS Markit, said.

A steeper rise in commercial construction helped offset a sight showdown in house building growth. Civil engineering was the weakest performing area in November, although the latest rise in activity was the largest since August.

A strong growth in new business volumes helped to raise production in November. Construction firms sought to increase their business capacity in November, as signaled by another steep rise in staffing numbers.

There were signs that the worst phase of supplier delays may have passed, with the portion of survey respondents citing longer delivery times falling to 47 percent in November.

The purchase price inflation signaled the least marked rate of cost inflation since April. Rapid price pressures and supply shortages were a factor dampening business optimism in November.

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