The UK construction industry saw further growth in February, the fastest seen in the sector for 11 months, according to key Purchasing Managers’ Index (PMI) figures.
The Markit/CIPS PMI for construction rose to 54.3 increasing from a reading of 51.4 in January. This came despite analysts expecting to see a fall. A reading above 50 indicates growth in a sector.
New orders were also at the highest for 21 months, as confidence in the sector increased.
Continued strength in the Construction industry increases the chances of the UK avoiding a double-dip recession, especially as other important PMI reports such as Manufacturing also indicated growth in February.
Manufacturing saw lower growth in January as increasing oil prices curtailed profit margins slightly.