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A steady growth noticed in UK construction sector

By Ross Sorin Subscribe to RSS | March 9th 2012 | Views:

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 @ 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.

Ross Sorin - About Author:
Ross Sorin is expert financial adviser. He gives his expert views on finance UK. He writes articles for unsecured loans for bad credit, no worries loans and doorstep loans

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