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UK Construction Growth Inches up in August – Markit

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A pick-up in house building helped growth in Britain’s construction sector speed up slightly last month, but the expansion remained weaker than last year’s robust rebound, an industry survey showed on Wednesday.

The CIPS/Markit construction Purchasing Managers’ Index (PMI) rose to 57.3 in August from 57.1 in July, indicating solid growth but below the 57.5 forecast in a Reuters poll and the levels of more than 60 regularly reached in 2014.

“UK construction companies remained on a reasonably strong growth footing in August, helped by a sustained recovery in both residential and commercial building activity,” Tim Moore, an economist at survey compiler Markit, said.

The fastest-growing construction sector was house-building, and commercial work also rose strongly, while civil engineering projects remained in the doldrums.

The Markit survey has painted a more bullish picture this year than official figures, which showed construction rose by just 0.2 percent in the three months to June.

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.
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