Arab Today, arab today uk construction growth slows down on wet weather
Last Updated : GMT 04:36:09
Arab Today, arab today
Arab Today, arab today

UK construction growth slows down on wet weather

Arab Today, arab today

Arab Today, arab today UK construction growth slows down on wet weather

London - XINHUA

British construction sector growth slowed down in February as residential building was dampened by the wet weather, showed a survey report on Tuesday. The report, jointly issued by Markit and the Chartered Institute of Purchasing and Supply (CIPS), showed the Purchasing Manager's Index (PMI) for the British construction sector was at 62.6 in February, lower than a 77-month high of 64.6 in  However, the construction PMI index has posted above the 50.0 no-change level in each month since May last year, said the report. A reading of 50 points or greater indicates expansion, while below 50 indicates contraction. Respondents of the survey suggested that disruptions related to adverse weather conditions had contributed to softer construction output growth in February, especially house building activity. The report said residential construction growth in February was at the slowest pace for four months despite its sharp increase, while growth of commercial activity also eased. Civil engineering activity was the best performing area of construction in February, with the pace of expansion the steepest since the series began in April 1997. "Construction output growth succumbed somewhat to the recent wet weather, with temporary disruptions from heavy rainfall most acute for house building activity in February, said Tim Moore, Senior Economist at Markit. "While some froth has come off overall construction growth in February, the latest data showed that job creation picked up to a pace rarely seen since the summer of 2007." Moore believed that there existed an undiminished depth of belief among construction companies that strong growth will be sustained this year, helped by more favorable economic conditions and an ongoing house building recovery. David Noble, Chief Executive Officer at the CIPS, said: "Strong demand is continuing to put pressure at a supplier level, with vendors battling with low stocks and prices increasing as a result. "While delivery times are still deteriorating, they are at least doing so at the slowest rate since August 2013, suggesting that the very worst of the squeeze has passed," he said. House prices in Britain has kept on rising in recent years as boosted by the current record low interest rate and government-backed housing schemes, such as the Help to Buy and the Right to Buy. The latest official figures showed that British house prices increased by 5.5 percent last year, bringing the average price to 250,000 pounds (416,737 U.S. dollars) in December 2013. The Office for National Statistics (ONS) said: "House price growth is beginning to increase strongly across parts of the UK, with prices in London increasing at more than double the UK average." London still led the country in house price with the growth rate standing at 12.3 percent last year.  

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