UK construction activity grew at its fastest pace since September 2007 in October, amid rising confidence in property market and fuelling optimism over the country’s economic outlook.
Last month’s PMI increased to 59.4 from 58.9 in September, where economists had predicted no change. Any figure greater than 50 indicates expansion. The construction PMI has now been above that level for six months in a row.
Like in previous months, the residential sector was the strongest performing, but the civil and commercial sectors also saw a boost in October. To meet demands, construction companies hired workers at fastest pace for six years.
"UK construction output continues to rise like a phoenix from the ashes, with housing, commercial and civil engineering activity all seeing strong rates of expansion at the start of the fourth quarter," said Markit economist Tim Moore.