UK construction grows at fastest rate for a year
Last month, UK construction activity grew at its fastest pace in almost a year
Figures from the Chartered Institute of Purchasing & Supply (CIPS) show construction grew at its fastest rate for 11 months in February (see graph).
The Markit/CIPS Construction Purchasing Managers’ Index was 54.3 in February, up from 51.37 in January.
The CIPS figures followed the latest Office for National Statistics new orders statistics, which showed that construction new orders hit a 31-year low in 2011.
Sarah Bingham, economist at Markit, said: ‘The slowdown in UK construction growth recorded in January reversed in February, with a solid increase in activity, supported by strong commercial expansion.’