Overcast

Overcast

max temp: 15°C

min temp: 11°C

Search

The pigs are coming. Find out more about

Pigs Gone Wild

here.

Economy: Markit/CIPS survey reveals strong growth for construction sector

15:26 03 January 2014

Housebuilding continued to lead the way as the construction sector enjoyed another month of strong growth during December, according to the latest Markit/CIPS survey.

Housebuilding continued to lead the way as the construction sector enjoyed another month of strong growth during December, according to the latest Markit/CIPS survey.

New year cheer over the economy continued today as figures revealed activity in the construction sector grew at its fastest pace for more than six years at the end of 2013.

The fourth quarter rate of expansion was the best since the third quarter of 2007, despite a slight easing in the pace of growth last month from a peak in November, according to the closely-watched Markit/CIPS purchasing managers’ index for construction.

The survey showed a reading of 62.1 in December, down from 62.6 the previous month, but still well above the 50 level that separates growth from contraction.

Apart from November, the reading has not been as high since August 2007 and it marks eight months of continuous growth in the sector.

Chris Williamson, chief economist at Markit, said: “The decline merely signalled a modest easing in the rate of expansion from the surging pace of growth.”

David Noble, chief executive of the Chartered Institute for Supply and Purchasing (CIPS), added: “Continued strong expansion marked an outstanding end to 2013 for construction, positioning the sector on a solid recovery path for 2014.”

The figures add to the picture of a sustained recovery, after Markit/CIPS data from the manufacturing sector on Thursday showed it managed its best quarterly performance in two-and-a-half years at the end of 2013.

Meanwhile, a survey from Nationwide showed house prices surged by 8.4% over 2013 across the UK as the market revival became increasingly broad-based and retailer Next joined John Lewis and House of Fraser in reporting strong sales growth during the key Christmas tradinig period on the high street.

The construction PMI figures showed house building. a sub-sector buoyed by initiatives such as Help to Buy and Funding for Lending. remained the fastest growing area of activity in December, though it posted a slower pace of growth than November. Work on commercial projects and civil engineering activity continued to grow strongly, the survey found.

Meanwhile, the majority of firms were optimistic about the coming year, with 57% expecting growth compared with 10% forecasting decline.

Stronger business confidence and a sustained improvement in new order levels continued to drive staff recruitment, the survey found, with increased workforce numbers recorded for the seventh month in a row, the longest continuous period of job creation in five-and-a-half years.

Markit senior economist Tim Moore said: “The latest survey highlights that construction companies enter 2014 with the wind in their sails.”

Howard Archer, chief UK and European economist at IHS Global Insight, said the figures added to hopes that overall economic growth in the fourth quarter can at least match the 0.8% rise in the third quarter.

Continued strong house building was welcome given the shortage in supply while the expansion in the commercial and civil engineering sectors was also positive, he added.

“What is particularly encouraging and bodes well for the sustainability of the construction upturn is that the construction managers survey indicates that the improvement in activity is now widespread across sectors,” he said.

0 comments

Walkers get ready for the start of the ladies midnight walk in aid of St Helena Hospice at Weston Homes Community Stadium, Colchester, Essex, United Kingdom on 28-May-2016.
Picture: Steve Waller 
www.stephenwaller.com

Hundreds of ladies illuminated the streets of Colchester this weekend — wearing their finest and brightest neon clothes and accessories for St Helena Hospice’s eighth annual Midnight Walk.

Enjoy a family day out at the Suffolk Show

Looking for ways to entertain the family during the school holidays? Here we bring you a round up of what is on in Ipswich, Bury St Edmunds and elsewhere in Suffolk, and into north Essex.

EACH Colour Dash at Christchurch Park

Tens of thousands of pounds have been raised for East Anglia’s Children’s Hospices (EACH) during Ipswich’s most well supported Colour Dash to date.

Priti Patel

Pro-Brexit Essex MP Priti Patel added to a new row in the EU Referendum campaign by accusing the leaders of the “Remain” side of being so wealthy and privileged that they did not understand the concerns of most voters.

Major Tim Pig preview shots. Image: Jane Anderson

The finer points of his space suit have been painted on, he has been shipped back to Ipswich and been glossed to protect him from the weather - and now Major Tim Pig is just waiting to land in the town centre.

City Palace Udaipur

With temperatures soaring into the 50’ – that is Celsius – in Rajasthan at present, you could be forgiven for thinking that it is a place to be avoided!

File picture of Norwich Road/Orford Street junction in Ipswich.

Detectives investigating a serious sexual assault committed in Ipswich last weekend have carried out anniversary checks in the area.

The bank holiday weather was perfect for events like the Trimley Beer Festival.

For once organisers of bank holiday weekend events are set to be happy with the British weather as the region prepares for a third dry day today.

Patrick Swayze and Jennifer Grey in the 1987 film Dirty Dancing

It would take a phenomenal effort to produce a bad Dirty Dancing show. The 1987 coming-of-age drama is ripe for any interpretation: iconic music, a timeless script, a clear story with emotional depth, relatable characters and well-defined goals, and of course, some pretty captivating dancing.

Ferry boat inn old Felixstowe 
Food and drink review

I visited the Ferry Boat Inn on a day, not so very long ago, when hail was still a common occurrence, writes Victoria Richman.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Newsletter Sign Up

Great British Life

Great British Life
MyDate24 MyPhotos24