A steady growth noticed in UK construction sector
According to a survey, Britain's construction sector grew at the fastest pace in the month of February in nearly a year and firms turned more upbeat as order inflow picked up strongly, indicating that the economy is recovering from a contraction last quarter, giving boosting chances.
Sarah Bingham, a Markit economist said that the rise in output was supported by a stronger commercial expansion. Residential construction and civil engineering activity also increased, rebounding from contraction from last month. She added that perhaps more encouraging was the sharp increase in new business received, which should keep firms busy in the coming months. In 2011, there was a drop in orders which was driven by a sharp slump in business from the public sector, with public housing orders dropping to 28.3 percent on the year and other public new work excluding infrastructure falling 34.7 percent. The recent survey showed that in 21 months, new orders rose at the fastest pace and firms are optimist about future business would reached the highest level in coming nine months.
According to the survey of purchasing managers, it indicates that construction activity improved appreciably in the month of February, thereby adding to the generally healthier news on the economy so far in 2012. Howsoever, in a reminder of the uphill struggle the industry as well as the wider economy are facing, a separate data showed that the new construction orders fell 14 percent in 2011 to the lowest level since 1980 as the government cut down spending. In January, the headline Markit/CIPS construction Purchasing Managers' Index jumped to 54.3 from 51.4, hitting the highest level since March 2011 so far. Markit said that increased visibility on pipeline work was frequently cited as a boost to confidence as well as a positive sign for the UK economy to improve, further adding that firms also noted better economic conditions this time as compared to last time. Need cash for construction work in your home apply with unsecured loans for bad credit @ http://www.unsecuredloansforbadcredituk.co.uk/ and get the required cash without any hassle?
However, data from the Office for National Statistics (ONS) showed that the industry is coming from a low starting point indicating chances of growth. Altogether with a shrinkage in manufacturing sector, a drop in construction output had driven the contraction in the overall economy in the final quarter of 2011. However, the sector's PMI showed that Britain's manufacturers reported further growth in February, albeit at a slower pace.
Published by Stevebavaro2011@gmail.com on March 9th 2012 | Finance
Published by David Hurley on February 23rd 2012 | Finance
Published by Adair Sawyer on May 11th 2012 | Finance
Published by Lily Jacobs on March 12th 2012 | Finance
Published by Ashish Pandey on January 16th 2012 | Finance
Published by John Harry on February 18th 2012 | Finance
Published by Sandra Parker on January 23rd 2012 | Finance
Published by David Hurley on March 1st 2012 | Finance
Published by Macrobusinesscapital@gmail.com on January 21st 2012 | Finance
Published by Sandra Jeux on March 1st 2012 | Finance
Published by Calvien Peter on November 30th 2011 | Finance
Published by Sli Dell on March 10th 2012 | Finance
Published by Declan Dylan on January 9th 2012 | Finance