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- U.K. construction output logs fastest growth since 2007
U.K. construction output logs fastest growth since 2007
The U.K. construction output grew at the steepest pace since September 2007, survey results from Markit Economics showed Monday.
The Markit/Chartered Institute of Purchasing & Supply construction Purchasing Managers' Index came in at 59.4 in October, up from 58.9 in September and above the 50.0 no-change threshold for the sixth consecutive month.
"The future is looking bright for the UK construction industry as it soars into the final quarter with its strongest performance in over six years, boosted by a strengthening surge in activity broadening out across all sectors," David Noble, Chief Executive Officer at CIPS said.
Housing activity remained the strongest performing area of the construction sector. Meanwhile, latest data pointed to robust and accelerated rises in both civil engineering and commercial activity.
Higher levels of new work contributed to a robust increase in staffing levels during October. Further, the rate of input buying growth was the sharpest since December 2007.
Stronger demand for raw materials and higher utility bills contributed to upward pressure on input prices in October. Overall cost inflation picked up to its fastest since August 2011.
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