Positive growth in key contracting sectors for early 2011
Good news for manufacturing and construction sector contractors as the February Markit/Chartered Institute of Purchasing and Supply (CIPS) UK Manufacturing Purchasing Managers’ Index shows that contractors working in these sectors have already experienced steady growth in 2011. Specifically, the report indicates that the manufacturing sector remained steady after its high in January’s, with a record level of job creation. The report also stated that in February, growth in the construction sector was at its highest level since June 2010, with a noticeable increase in residential building work.
PMIs are based on monthly questionnaire surveys of carefully selected companies, which provide an advance indication of what is really happening in the private sector economy by tracking changes in variables such as output, new orders, stock levels, employment and prices across the manufacturing, construction, retail and service sectors.