The UK Construction Purchasing Managers’ Index (PMI) for January has reported the sharpest rise in construction output since August 2007, with strong output growth recorded in all three sub-categories of construction, housing activity increasing at its sharpest pace for over 10 years and a strong rate of job creation being maintained.
The index, jointly maintained by market research experts Markit and the Chartered Institute of Purchasing and Supply, indicated that UK construction companies started the year with an acceleration of output growth at their units, boosted by sharp rises in incoming new work. Stronger demand resulted in a marked increase in employment numbers across the construction sector as well as improved confidence about the business outlook for the next 12 months.
Adjusted for seasonal factors, the PMI registered 64.6 in January, up from 62.1 in December and above the neutral 50.0 value for the ninth successive month.