News
UK Construction Industry Shows Fastest Growth in 12 Months
02 - 03 - 2012
The UK construction industry has shown the fastest growth in 12 months, according to a survey by the Markit/CIPS Purchasing Managers' Index (PMI).
The PMI for construction rose from 51.4 in January to 54.3 in February, whereas analysts had expected a slight fall. A reading above 50 implies that the sector is growing.
The housing, commercial and engineering sectors all showed growth. Commercial construction was the strongest, expanding at the fastest pace, but residential and civil engineering also bounced back from contractions last month.
Strength in the construction industry could help the UK avoid a double-dip recession, after the economy contracted during the last three months of 2011.
Meanwhile the Markit/CIPS PMI for manufacturing slipped to 51.2, down from 52 in January.
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