'New dawn breaking in construction' as growth accelerates at fastest pace since 2007
Activity across Britain's building sites grew at its fastest pace for nearly six years last month amid a "new dawn" for the hard-hit construction industry.
The Markit/CIPS purchasing managers’ index jumped to 59.1 in August from 57 the previous month. Any reading above 50 signals growth, and the index is now at its highest level since September 2007.
City analysts, who had anticipated a small decline in the index, said the strong reading bolstered the sense of an accelerating economic recovery.
“A new dawn is breaking in construction” said David Noble of CIPS. “Builders have seen a step change in recent months, and are now starting to show their true potential to the UK economy”.
The rise in construction activity last month was powered by the residential sector but civil engineering and commercial projects also contributed.
Official figures show that construction expanded by 1.4 per cent in the three months to June. The sector, which accounts for about 6 per cent of the economy, plummeted in the 2008-09 downturn as investor confidence evaporated and projects were shelved. It remains some 16 per centbelow its peak in 2008 according to the most recent figures.
The Markit/CIPS snapshot of manufacturing yesterday showed firms’ order books were at their strongest in 20 years in August.
Tomorrow sees the release of the latest snapshot of the services sector, which accounts for three quarters of the UK’s output.
South Korea ferry passengers who were told to stay put 'got trapped' aboard sinking ship
Are beards attractive? Ryan Gosling says yes, but science says no. Take the A-list facial hair challenge and find out who's right
Oscar Pistorius trial: Defence witness 'unqualified' to testify
Andre Johnson: Wu-Tang Clan-discovered rapper severed his penis and jumped from LA building
Oscar Pistorius trial: Defence witness contradicts athlete's version in new blow for defence team
The food poverty scandal that shames Britain: Nearly 1m people rely on handouts to eat – and benefit reforms may be to blame
US Navy christens huge $3 billion destroyer ship USS Zumwalt that appears as a fishing boat on enemy radar
Scottish independence: It is the English who should be on their knees, begging the Scots to vote ‘No’
Nigel Farage fatigue? Half of voters ‘immune’ to Ukip’s appeal
Nigel Farage on Have I Got News For You: Ukip leader ridiculed over expenses and party 'fruitcakes'
Nigel Farage: I’m taking on the status quo, and the Establishment’s fighting back
- 1 Poveglia: 'World's most haunted island' up for sale...is anyone brave enough to buy it?
- 2 Babies cry at night to stop mothers procreating, scientists claim
- 3 24 people applied for the 'world's toughest job', here are their interviews
- 4 Andre Johnson: Wu-Tang Clan-discovered rapper severed his penis and jumped from LA building
- 5 Mrs Doubtfire 2: Robin Williams set to star in sequel to 1993 comedy
iJobs Money & Business
£150.00 per week: QA Apprenticeships: This company has been providing on site ...
£221.25 per week: QA Apprenticeships: This company is a well established Inter...
£40000 - £50000 per annum: Harrington Starr: Client Relationship Manager - SQL...
£35000 - £50000 per annum: Pro-Recruitment Group: Take your chance to join the...