UK Construction Activity Growth Accelerates Despite Weak Outlook
2018年11月2日 - 5:16PM
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UK construction sector expansion unexpectedly accelerated in
October, but firms were the least optimistic about prospects in
nearly six years, survey data from IHS Markit showed on Friday.
The IHS Markit/ Chartered Institute of Procurement & Supply
construction Purchasing Managers' Index, or PMI, rose to 53.2 from
52.1 in September. Economists had expected a score of 52.
A PMI reading above 50 suggests growth in the sector. The
construction sector has grown every month since April, yet the PMI
reading remains below its long-term average of 54.3.
Overall, the October survey for activity was more encouraging
than expected, but caution on new orders, labor availability and
future expectations suggest the outlook remains subdued, Andrew
Burrell, an economist at Capital Economics, said.
The improvement in November was due to the commencement of new
contracts, overseas work and a general increase in business.
Among different sectors, civil engineering drove the overall
growth with the strongest expansion since July 2017, after declines
in both August and September. Civil engineering became the best
performing segment for the first time since January.
House building and commercial construction growth were also
solid, but the former was the weakest in seven months and the
latter was the slowest in five months.
The survey showed that new business grew at the weakest pace in
the current five-month sequence of expansion.
Slower new order growth impacted firms' expectations for future
growth, with the business expectations index falling to a near
six-year low.
Cost pressures in the construction sector remained strong in
October, despite the rate of input price inflation easing to a
27-month low.
"These results point to the sector getting stuck in the mud as
we approach March 2019, and with ongoing supplier delays and stock
shortages, the sector may not be able to respond quickly enough
anyway should there by a sudden upturn in fortunes," Duncan Brock,
group director at CIPS said.
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