facebook
twitter
rss
account
search
search
 

British construction shows marginal growth

June 4, 2013 at 9:17 AM   |   Comments

LONDON, June 4 (UPI) -- The Purchasing Managers Index for Britain's construction sector showed the business sector returned to growth in May, a private research firm said Tuesday.

Markit Economics said the sector's PMI climbed from contraction to expansion for the first time since October 2012 with a push from residential building work, which reached the fastest pace in more than two years.

The headline index rose from 49.4 in April to 50.8 in May. A PMI score higher than 50 indicates business is growing while less than that indicates business shrinking.

Markit said the index shows "only a marginal pace of expansion." The headline index also remained at less than its long-term average of 53.9, the firm said.

"U.K. construction output appears to have finally pulled out of a tailspin in May, but the latest figures suggest that the sector is worryingly reliant on residential building work for thrust," Markit Senior Economist Tim Moore said.

While residential construction projects rose, "shrinking spending on both commercial and civil engineering projects acted as a drag on overall new business growth," Moore said.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
New submarine set for commissioning New submarine set for commissioning
2
Navy tests MQ-8C unmanned helos Navy tests MQ-8C unmanned helos
3
Europe must drop the euro, Germany abandon mercantilism Europe must drop the euro, Germany abandon mercantilism
4
Harris selected for geospatial data products Harris selected for geospatial data products
5
SM-6 long-range interceptors on target in U.S. Navy test SM-6 long-range interceptors on target in U.S. Navy test
Trending News
Around the Web
x
Feedback