UK construction PMI rebounds beyond expectations in Nov, hits 5-month highs
The construction sector activity in the UK economy rebounded sharply in November and came in at the highest levels in five months, a fresh report from Markit Economics showed on Monday.
The final Purchasing Managers' Index (PMI) in the UK jumped sharply to 53.1 points in November, after having booked 50.8 points in October. Markets had predicted a 51.0 reading.
Residential work drives modest construction rebound in November.
Commercial and civil engineering activity continue to decline.
Business optimism picks up from October’s near five-year low.
Tim Moore, Senior Economist at IHS Markit and author of the Markit/CIPS Construction PMI®, noted: “UK construction companies experienced a solid yet uneven improvement in business conditions during November. Once again, resilient house building growth helped to offset lower volumes of commercial work and civil engineering activity. “Survey respondents noted that residential projects underpinned the rebound in total new order growth to its strongest since June, helped by strong demand fundamentals and a supportive policy backdrop.”