The construction industry in the UK has been driven to new heights by the strength of the country’s housebuilders, according to new data.
Recent industry surveys saw the sector’s purchasing managers’ index, or PMI, increase to 64.2 in September – 0.2 points higher than the previous month’s number.
A PMI figure above 50 implies that construction output is growing, and Rob Wood, from the German multinational financial institution Berenberg, said that a level as high as 64.2 suggests that expansion is taking place at a fast pace.
The data comes in spite of the fact that analysts expected the construction sector to cool off last month. Daiwa Capital https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpgets’ Robert Kuenzel predicted that there would be a “slight drop” from the eight-month high in August.
A previous analysts’ consensus poll forecast that September’s PMI reading would dip to around 63.5.
Tim Moore, a senior economist of financial information firm https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpgit – which compiled the figures alongside the Charted Institute of Purchasing and Supply (CIPS) – said he considers housing activity to be the sector’s “brightest spot”.
The CEO of CIPS, David Noble, said on the other hand that housebuilding’s “outperformance” has started to drop.
The UK’s housebuilders may be required to make way for civil engineering and commercial projects as the top performers of the sector, as the Telegraph reported recently that the increase in commercial activity in September was the second-fastest recorded since Summer 2007.
The capital’s housing arena has noted a pronounced slowdown, according to the property researchers at Hometrack, but the demand for CeMAP courses in London and elsewhere remains high, as buyers struggle to understand the fluctuating market conditions and require the services of a qualified mortgage advisor.