Construction recovery continues apace
Construction output in November 2013 rose at its fastest pace since August 2007, according to the Markit/CIPS UK construction purchasing managers’ index. The index registered 62.6 in November, up sharply from 59.4 in October and above the 50 no-change mark for the seventh month in a row.
Construction companies pointed to a steep and accelerated expansion of house building in November, with the fastest rate of growth for 10 years.
Work on commercial construction projects also increased sharply during the latest survey period, with the rate of expansion being the steepest since September 2007.
Looking ahead, the balance of firms anticipating a rise in output was the highest since September 2009, reflecting widespread expectations that the overall business climate will continue to improve during the next 12 months.
Figures from the Office for National Statistics show a 17.5% increase in the value of new orders for the third quarter of 2013 compared with the same quarter in 2012 — up by nearly £2 billion.
ONS figures showed a 2.2% growth in construction output in October 2013 compared with the previous month and 5.3% compared with October 2012.