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UK construction PMI for September beats forecasts

By Alexander Bueso

Date: Tuesday 06 Oct 2020

UK construction PMI for September beats forecasts

(Sharecast News) - Construction sector activity in the UK picked up further in September with new business coming in at its fastest clip since before the pandemic-induced lockdown.
IHS Markit's Purchasing Managers' Index for Britain's construction sector rose from a reading of 54.6 for August to 56.8 in September.

That was better than economists' forecasts for an unchanged reading.

Furthermore, sentiment among firms in the sector registered its strongest reading for seven months.

Nonetheless, employment continued to retreat, although the pace of job losses did ease.

By sub-sectors, activity in homebuilding outpaced the rest, the survey compiler said, registering a "sharp" expansion for a fourth month in a row.

Activity on commercial projects was also described as "strong", while that in civil engineering fell for a second month and by the most since May.

Commenting on the data, Eliot Kerr at IHS Markit highlighted the rebound in growth from August's readings and the pick-up seen in purchasing activity by companies, which he said was a "further sign of encouragement" for the months ahead.

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