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Financial News: UK Construction Sector Grows Most Since 2014

UK Construction Sector Grows Most Since 2014

04/08/2021 - 05:12:00 (RTTNews)

(RTTNews) - The UK construction sector grew at the fastest pace since 2014 in March, underpinned by strong rises in house building, commercial work and civil engineering, survey data from IHS Markit showed on Thursday.

The Chartered Institute of Procurement & Supply construction Purchasing Managers' Index rose to 61.7 in March from 53.3 in February. This was the fastest expansion since September 2014.

House building was the best-performing category, with growth the fastest since July 2020. Strong increases in activity were also seen in commercial construction and civil engineering in March. Both segments logged its highest growth since the second half of 2014.

The survey showed that new orders also grew at the fastest pace since September 2014. Further, forthcoming new project starts spurred a solid rise in employment numbers, with the rate of job creation the strongest for over two years.

Imbalanced demand and supply for construction inputs led to the steepest increase in purchasing prices since August 2008.

Confidence towards the year ahead strengthened in March, reflecting improving sentiment regarding the economic outlook, pandemic situation and pent up demand.

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