House building in the UK grows at fastest rate in 11 years
A new report into construction in the UK has this month found that home building grew at its steepest rate since November 2003 in July of this year.
The Markit UK Construction PMI report covers home building alongside commercial building and civil engineering. The report shows that construction activity has grown for 15 consecutive months, with an index of 62.6 ( anything over 50 indicates growth).
The report also showed that hiring in the construction sector grew at its fastest rate since April 1997 in July.
Commenting on the figures, Tim Moore, senior economist at Markit said: “July’s figures suggest the UK construction sector is enjoying its strongest cyclical upswing since the global financial crisis, while a new record rise in employment highlights that construction firms are increasingly confident about the sustainability of the upturn.”
Mark Brown from WW Brown & Sons comments “We have certainly noticed that we have been receiving more requests and that there is a greater interest in housing projects recently. It’s another sign that the UK economy is on the road to recovery”