UK construction expands at fastest rate since 2014

The UK construction sector surged at its fastest rate in since 2014 in May as the lifting of lockdown restrictions caused a influx in new orders. The IHS Markit/CIPS construction purchasing managers’ index rose from 61.6 to 64.2 - above economists’ forecasts of 62.3. Any reading above 50 signals growth. Growth was driven by the housebuilders as orders continued to rise on the back of a boom in the housing market. The latest official data suggests that house prices rose by a record 10% last month. This was followed by an increase in commercial work, which expanded at its steepest pace since August 2007, “UK construction companies reported another month of rapid output growth amid a surge in residential work and the fastest rise in commercial building since August 2007", said Tim Moore, economics director at IHS Markit.

Daily Mail (04/06/2021) Financial Times(04/06/2021) Sky News (04/06/2021) The Times (04/06/2021)