Construction Sector Returns To Growth

6th December 2017.

Britain’s struggling construction sector appears to have climbed out of recession in November as a surge in house-building came to the ailing industry’s rescue.

According to a new Purchasing Managers’ Index (PMI), a rise in residential construction has dragged optimism in the industry up from its recent five-year lows.

Howard Archer, chief economic advisor to the EY Item Club, was positive about the results, predicting that construction activity could see modest growth in the fourth quarter of the year.

He does not however expect any rapid recovery as companies hold off making big investments.

“Extended tepid economic activity and heightened economic, political and Brexit uncertainties are clearly hampering the construction sector. Clients are particularly cautious over committing to major construction projects,” he said.

Samuel Tombs at Pantheon Macroeconomics suggested housing policy initiatives, an end to Brexit uncertainty, and more government activity, will help bolster construction and the overall confidence of the sector.

In the financial year 2016-17 a total of 217,000 homes were built in England, the highest number since the financial crisis.

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