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.
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