A market survey shows the British construction industry grew faster than expected last month, highest since 2014. The IHS Markit/CIPS construction Purchasing Managers' Index (PMI) rose to 54.7 in November from 53.1 in October, its strongest since July and above all forecasts in a Reuters poll. Economics director Tim Moore of the IHS Markit, said, “UK construction output stayed on a recovery path in November and there were signs that the main growth driver has transitioned from catch-up work to new projects.”
Official data revealed Britain's monthly construction output almost halved in April during the first lockdown, and in September it was still 10 per cent below its level a year earlier. New orders in the construction industry were reported to be the highest since October 2014 last month. House prices have projected a steep rise since the end of the first lockdown in June, with lenders having approved the most mortgages since 2007. This has encouraged builders to commit to more construction. November also bought the first growth in civil engineering activity since July.
