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4/8, 10:32 AM (Source: TeleTrader)
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UK construction increases sharply in March

The construction sector in the United Kingdom saw a sharp rise in March, with the Construction Total Activity Index growing from 53.3 in February to 61.7, the Chartered Institute of Purchasing & Supply (CIPS) and IHS Markit revealed in their report released on Thursday.

The results, which mark the highest increase in six-and-a-half years, significantly exceeded analysts' expectations. The report highlighted the "mobilization of delayed projects," a "a boost from major infrastructure projects," and "higher workloads due to greater spending on residential construction work and rising new home sales" as key factors for the sector's growth. The sharpest rise was observed in housebuilding, followed by commercial construction and civil engineering.

"Improving confidence among clients in the commercial segment was a key driver of growth, with development activity rebounding in sectors of the economy set to benefit the most from the improving [COVID-19] pandemic situation," IHS Markit Economics Director Tim Moore noted.

Breaking the News / JR