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British construction PMI slips to 62.4 in July

English.news.cn   2014-08-04 18:55:18

LONDON, Aug. 4 (Xinhua) -- British construction purchasing managers' index (PMI) declined slightly to 62.4 in July from 62.6 in June, recording the fifteenth successive month above the industry activities watershed 50.0, said Markit Monday.

The latest data was higher than market expectation consensus of 62.0.

Meanwhile, the rate of job creation across the sector was the fastest since the survey began in April 1997, highlighted the London-based survey compiler in a press release.

Residential building activity recorded the steepest rise since November 2003, said the compiler.

Civil engineering activity expanded at a sharper pace in July, but commercial construction increased at a slower rate than one month previously, said Markit.

Strong construction output was also supported by a further steep improvement in new business intakes during July, with new orders have increased in each month since May 2013, said Markit.

The survey respondents linked it to favorable domestic economic conditions and greater confidence among clients.

Tim Moore, senior economist at Markit, commented: "July’s figures suggest the UK construction sector is enjoying its strongest cyclical upswing since the global financial crisis, while a new record rise in employment highlights that construction firms are increasingly confident about the sustainability of the upturn."

"Looking ahead, a pressing concern for construction companies is the availability of materials and suitably skilled labor to support the recent growth streak," he added.

Editor: Xiang Bo
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