Business Activity in UK Construction Sector Accelerated to 4-Month High

Forex News

The construction sector activity in the UK grew at a faster pace than expected in November. The IHS Markit/CIPS UK Construction Purchasing Managers' Index (PMI) increased to 53.4 in November from 53.2 in October. Economists had expected a 52.5 level.

It was also reported, that the rate of job creation in the UK construction sector was the fastest since December 2015, but business confidence remained relatively subdued, with companies noting that Brexit-related concerns had weighed on their growth projections for the next 12 months.

The latest overall rise in construction output was the fastest since July, helped by a stronger contribution to growth from house building activity. November’s data indicates that the UK construction sector remains in expansion mode, with resilient business activity trends seen for housing, commercial and civil engineering activity.