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Financial News: UK Construction Activity Growth Picks Up In October

UK Construction Activity Growth Picks Up In October

11/04/2021 - 06:55:00 (RTTNews)

(RTTNews) - The UK construction sector growth accelerated in October despite supply constraints and rapidly rising purchase prices, survey results from IHS Markit showed on Thursday.

The construction Purchasing Managers' Index rose to 54.6 in October from 52.6 in September. The index has posted above the crucial 50.0 no-change value in each of the past nine months.

House building replaced commercial work as the best-performing category of construction work in October. The latest increase in residential work was the strongest for three months.

Commercial construction also expanded at a quicker pace than in September, with survey respondents citing a sustained boost from looser pandemic restrictions. Meanwhile, civil engineering activity advanced only marginally in October.

New order growth was unchanged from September's eight-month low. Purchasing activity grew at the fastest pace in three months. Employment numbers also increased at a sharp and accelerated pace in October.

Input costs inflation slipped to a six-month low despite high energy and commodity prices.

Finally, the near-term outlook for construction growth remained positive in October.

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