Britain’s construction industry showed healthy growth throughout August,
increasing hopes of a strong third quarter for the sector.
The monthly purchasing manager’s index, produced by the Chartered Institute of Purchasing and Supply, went up from 57.1 to 57.3, well above the 50 mark that signals expansion.
The housebuilding sector provided the fastest growing area, but the outlook for commercial properties is also good.
Construction output collapsed dramatically during the deep recession instigated in 2008. The industry is seen as a good indicator of Britain’s economic status so signs of a recovery are welcomed.
Stefan Friedhoff is the Global Corporates’ managing director for construction at Lloyds Bank Commercial Bank. He said that “there is an increasingly positive feeling in the sector as firms continue to get a clearer handle on inflationary pressures, a tight labour market and growing demand. That sentiment is reflected in (this) data.”
If the official figures bear out the positive news from this survey, construction could be set to make a stronger contribution to economic growth in the third quarter of 2015, after expanding by a modest 0.2% from April to June. That can only be good news for business and employment figures.
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