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Construction survey in Britain shows solid growth

Jan. 3, 2014 at 9:40 AM
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LONDON, Jan. 3 (UPI) -- Home building in Britain ended 2013 in a expansion mode with the sector's recovery growing more broad-based, an economist from Markit Economics said.

"The latest survey highlights that construction companies enter 2014 with the wind in their sails. Most encouragingly, the improving UK economic outlook is helping boost private sector spending patterns, meaning that the construction recovery has started to broaden out from housing demand and infrastructure projects to include strong growth in commercial building work," said senior economist Tim Moore.

Markit said the survey in the last month of the year indicated "relatively sharp rises in output, new orders and employment," in the building trades.

Respondents to the monthly survey, which put the sector's purchasing managers index at 62.1, were also generally optimistic about future business prospects.

Fifty-seven percent of respondents indicated business activity would grow in the next six months, significantly higher than the 10 percent who indicated they expected business activity to decline.

The PMI dipped slightly from November's reading of 62.6, but still indicated growth. Numbers below 50 point to a contraction, while above 50 levels point to growth.

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