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- UK construction sector growth strongest since 2007
UK construction sector growth strongest since 2007
British construction sector activity grew at the sharpest pace in just over six years, led by solid expansion in output and incoming new work, a survey by Markit Economics and the Chartered Institute of Purchasing and Supply (CIPS) revealed Tuesday.
The headline purchasing managers' index rose to 62.6 in November from 59.4 in October, signaling another strong upturn in the construction sector. The reading was the highest since August 2007.
A reading above 50 indicates expansion of the sector. The index has now posted above the no-change mark of 50 for a seventh consecutive month.
Both output and employment rose at the sharpest rate since August 2007. The increase in the volume of incoming new work was the joint-fastest since September 2007.
House building activity rose at the fastest pace in ten years in November. Work on commercial construction projects increased at the steepest pace since September 2007. Civil engineering activity also increased at a robust pace, but the rate of increase was little changed from that in October.
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