UK Construction industry experiences fastest growth in 14 months
Posted on Sep 04, 2018
According to the Purchasing Managers’ Index (PMI), the UK construction industry is experiencing its fastest rate of expansion in more than a year.
The PMI increased to 55.8 in July, up from 53.1 in the previous month, which goes against predictions of a slump, and represents the most significant increase in 14 months.
This recent growth is a positive step for the industry, which was hindered by poor weather conditions at the start of 2018, and an estimated £2 billion loss as a result of the Beast from the east.
Recently though, the construction industry has experienced a boost, with the highest rate of housebuilding and sector employment since 2015.
Stuart Anderson of Construction Skills People said: “It’s promising to see the industry pick up from its lacklustre start to 2018.
“The recent boom in housebuilding and a boost from government funding has no doubt pushed the industry towards this faster rate of growth.
“While there are growing concerns surrounding Brexit leading to a drop in confidence, it looks like the industry is set to continue on its growth trajectory, with construction output predicted to accelerate in 2019 and 2020.”