The purchasing managers’ index (PMI) rose to 64.2 this September, 0.2 points higher than the previous month. Any reading above 50 would shows us that that construction output is in growth.
August’s saw an eight month high and the consensus of City analysts thought that the PMI reading would slip to 63.5 in September, so the continued growth is fantastic news for anyone in the industry.
Tim Moore, Senior Economist at Markit, who compile the figures in conjunction with the Chartered Institute of Purchasing & Supply (CIPS), said that: “housing activity remains the brightest spot” in the sector.
Yet “its outperformance has started to fade”, he added. Now “domestic housing’s mantle of star performer” has been dislodged, said David Noble, CEO of the CIPS.
This is because UK's housebuilders may have to make way for commercial and civil engineering as the sector’s top performers. The jump in commercial activity this September was the second-fastest since the summer of 2007.
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