UK construction firms most confident since financial crisis

The Markit/CIPS Construction Purchasing Managers’ Index (PMI) recorded a 62.5 in March, well over the neutral mark of 50.

The growth of the construction sector was helped by an increased recovery in the housing market post financial crisis, when Britain’s construction industry, which now accounts for about seven per cent of the economy, was hit the hardest.

Tim Moore, senior economist at Markit, said:?”The rise in residential construction was one of the sharpest experienced over the past ten years, helped by strong demand for new development projects and supportive funding conditions.

“Expectations for construction growth over the year ahead have now reached their highest since the start of 2007, and a strong pipeline of new work is fuelling job creation across the sector.”

“However, the latest survey does little to dispel concerns that supplier capacity will become the fly in the ointment.

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