UK Construction Industry Grows Strongly In February
Only three months in to the year and the UK economy is growing at one of the fastest rates in Europe. This has been down to a number of factors, but one of them has been the high amount of activity in Britain’s construction industry over February.
Strong Growth For The Construction Industry
The Markit/CIPS purchasing managers’ index (PMI), which measures the growth in the industry, rose by a point to 60.1, its highest level since last October. A score on the scale above 50 indicates growth in the sector. Currently the building industry accounts for around 6% of the UK economy, meaning that how well it does can have a big effect on the overall figures.
Commenting on the construction figures, Tim Moore, Markit’s senior economist, said: “The latest survey highlights renewed vitality within the UK construction sector, as output growth picked up further from the soft patch seen at the end of 2014. However, some construction companies noted that the uncertain general election outcome could prove a temporary bump in the road for new work.”
Recently a number of large building companies have reported better than expected growth as the demand within the UK housing shows no sign of letting off. This gives confidence to the rest of the building industry, from architects through to roll on roll of skip providers.
Most believe that these early steps are very positive signs for the coming years. With house prices very high, particularly in the capital, there seems to be no stopping the industry on its current trajectory. Only time will tell if it can be sustained over the rest of the decade and beyond.
As mentioned above by Tim Moore, the impending general election could be a cause for concern for industry professionals. However, all current signs and figures point to a strong future for the construction business in the future.
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One such service we offer for construction firms of all sorts and sizes is providing RORO skips, capable of handling large volumes of waste.
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