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Financial News: UK Construction Sector Expands For First Time Since

UK Construction Sector Expands For First Time Since April 2019

03/03/2020 - 05:13:00 (RTTNews)

(RTTNews) - The UK construction sector expanded for the first time since April 2019 despite severe weather conditions in February, survey data from IHS Markit showed Tuesday.

The IHS Markit/ Chartered Institute of Procurement & Supply construction Purchasing Managers' Index rose to 52.6 in February from 48.4 in January.

The index registered above the 50.0 no-change value for the first time since April 2019. The latest reading signaled that the overall rate of construction output growth was the fastest for 14 months.

Residential activity remained the best-performing construction category. Commercial work also returned to growth. In contrast, civil engineering activity fell again February.

Given the slowdown in the global economy and potential coronavirus impacts, the sector could struggle to maintain February's strong performance and may experience slower progress as we head into spring, Duncan Brock, Group Director at the CIPS, said.

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