Financial News: UK Construction Growth Fastest In Nearly Two Years

UK Construction Growth Fastest In Nearly Two Years

06/06/2024 - 05:08:00 (RTTNews)

(RTTNews) - The UK construction sector logged its fastest growth in two years in May with activity and new orders increasing at sharper rates, survey results from S&P Global showed on Thursday.

The construction Purchasing Managers' Index rose unexpectedly to 54.7 in May from 53.0 in April. The reading was forecast to fall to 52.5.

The survey showed that all three monitored categories reported growth for the first time since May 2022 as housing activity returned to growth.

Commercial construction activity growth accelerated to a two-year high in May. Meanwhile, growth in civil engineering activity softened slightly.

There was a sustained increase in new orders. Orders grew at the fastest pace in a year on robust demand. Firms linked higher new orders to the winning of new contracts and the commencement of previously delayed projects.

Consequently, firms increased employment for the first time in five months. The pace of job creation was the sharpest since last September.

A renewed rise in purchasing activity was also reported in May, driven by improving workloads. Lead times shortened to the greatest extent in seven months, the survey showed.

There was only a marginal increase in input costs in May with the rate of inflation easing to the lowest in the current five-month sequence of rising input prices. The rates charged by sub-contractors increased markedly but weaker than the series average.

Business confidence improved to a three-month high in May as respondents expect further increases in new orders to support growth over the coming twelve months.

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