Construction activity gathers pace

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The Independent Online

Britain's construction sector continued to expand in May, with the pace of growth accelerating to its fastest since before the credit crunch struck in 2008.

The Markit/Chartered Institute of Purchasing and Supply PMI index rose to 58.5 last month, up from 58.2p in April. May saw the third consecutive reading above the 50 point mark, which indicates growth, as opposed to contraction.

The reading was the strongest since September 2007, reinforcing hopes that the construction sector was on the path to recovery. "It also suggests that construction output will expand in the second quarter," said Howard Archer, an economist at IHS Global Insight.