Home UK News PMI survey shows UK Construction Industry growth hits 14-month high

PMI survey shows UK Construction Industry growth hits 14-month high

39
0
PMI survey shows UK Construction Industry growth hits 14-month high

In April, construction buyers witnessed another upswing in business activity, notably driven by a surge in commercial building projects. According to the latest S&P Global UK Construction Purchasing Managers’ Index, the index climbed to 53 from 50.2 in March, indicating a notable acceleration in growth since February 2023.Reports Construction Journal.

Commercial building, with an index reaching 53.9, saw its first expansion since August 2023, emerging as the fastest-growing segment within the construction sector for the month. Respondents to the survey attributed this growth to increasing workloads and a resurgence in customer demand, particularly fueled by refurbishment endeavors.

Notably, both commercial work and civil engineering experienced significant upticks, signaling robust activity in these domains. However, the housing sector faced a downturn in April, exacerbating recent indications of a moderation in the housing market’s recovery, as observed in various house price surveys.

Tim Moore, the economics director at S&P Global, attributed this demand surge to heightened confidence surrounding the broader UK economic outlook.

LEAVE A REPLY

Please enter your comment!
Please enter your name here