UK construction maintains brisk growth in April as lockdown lifts – PMI
British construction activity grew rapidly in April, near its six-and-a-half-year record posted in March as lifted COVID-19 lockdowns bolstered demand, a survey revealed on Friday.
The IHS Markit/CIPS Construction Purchasing Managers’ Index (PMI) slightly lowered to 61.6 in April from 61.7 in March, despite the survey’s gauge of new orders rising to its highest level since September 2014.
The all-sector PMI, which combines the PMI surveys for manufacturing, services, and construction surveys, climbed to 60.8 in April from 56.8 in March, the highest since October 2013.
The figures reflected on the survey indicate a fast pace to economic rebound. Moreover, the Bank of England reported on Thursday that the U.K.’s economy would expand by the most since World War Two this year after dwindling by almost 10% last year.
Cost pressures for construction firms increased at the sharpest rate since records started 24 years ago.