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UK construction output rises sharply in February

Article By: ,  Financial Analyst
March 4, 2014 12:15 PM

Construction output in the UK rose sharply during February, according to the latest Markit/Chartered Institute of Purchasing and Supply (CIPS) UK Construction PMI.

The figure for last month was revealed to be 62.6, which is down from the 77-month high of 64.6 that was recorded in January but is still a positive sign for the sector's health. Any figure over 50 denotes growth in the industry.

Reports from respondents who took part in the survey suggested that disruptions related to adverse weather conditions contributed to softer construction output growth in February.

House building activity was particularly badly affected during the course of the month.

Tim Moore, senior economist at Markit and author of the Markit/CIPS Construction PMI, said: "While some froth has come off overall construction growth in February, the latest data showed that job creation picked up to a pace rarely seen since the summer of 2007.

"Moreover, in the latest survey there were six construction companies forecasting higher activity over the year ahead for everyone anticipating a reduction."

Construction is viewed as one of the major indicators of growth in the UK economy. The recovering strength of the industry seen in recent weeks is likely to be taken as a positive sign for the economy as a whole.

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