LONDON (Alliance News) – UK construction activity grew at a slower pace in December, survey results from IHS Markit showed Wednesday.
The IHS Markit/Chartered Institute of Procurement & Supply construction Purchasing Managers’ Index fell more-than-expected to 52.2 in December from 53.1 in November. The expected score was 53.0.
Nonetheless, the indicator remained above the 50.0 no change threshold for the third successive month.
Among sub sectors, house building remained a key engine of growth. In contrast, commercial construction fell moderately. At the same time, civil engineering work stabilized, ending a three-month period of decline.
There were positive signals for the near-term business outlook, with new order growth reaching a seven-month high and job creation the strongest since June.
Despite a rebound in order volumes, firms indicated a subdued degree of optimism regarding the business outlook for the next 12 months.