UK Contractors: Construction industry continues to thrive
Latest research from the Markit/CIPS UK Construction Purchasing Managers’ Index (PMI) has revealed that June data signalled a strong rebound in growth momentum across the UK construction sector, driven by faster expansions of housing and commercial building activity.
According to findings, stronger new order volumes and ongoing efforts to boost operating capacity have been key factors for creating the steepest rise in employment levels since the survey began fourteen years ago.
Volumes of new work received by UK construction companies increased sharply in June and at the fastest pace since January.
Unsurprisingly, because of these recent figures, construction companies remain highly upbeat about the outlook for business activity over the year ahead.
Tim Moore, Senior Economist at Markit and author of the Markit/CIPS Construction PMI®, said, “UK construction companies started the summer with another surge in house building and commercial activity, which helped to offset a slight moderation in civil engineering growth as temporary projects related to flood relief came to completion.
“The latest survey suggests that the UK construction sector has expanded by more than 1% over the second quarter of 2014, driven by improvements in the underlying health of the UK economy, favourable funding conditions and robust increases in new housing starts.
“A key recent development across the construction sector has been the return to pre-recession rates of job creation, following a prolonged period of falling payroll numbers and cuts to operating capacity.
“Moreover, the latest rise in construction employment was the fastest since the survey began in 1997, which represents a remarkable yardstick of progress as the sector looks to recover the ground lost over the past seven years.”
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