UK Construction Boom in November

Growth in Britain’s construction industry unexpectedly touched an eight-month high in November, but its costs rocketed at the fastest pace since 2011, fuelled by sterling’s slump after the June vote to quit the European Union, a survey showed on Friday.

The Markit/CIPS UK Construction Purchasing Managers’ Index (PMI) edged up to 52.8 from 52.6 last month, helped by improved readings for commercial and civil engineering activity, as well as solid growth in house building.

A Reuters poll of economists had forecast a reading of 52.2. “UK construction companies experienced a steady recovery in business activity during November, which continues the rebound from the downturn seen over the third quarter of 2016,” said Tim Moore, a senior economist at the survey’s compiler, Markit.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam

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