UK PMI Construction rose to 54.7 in November, up from 53.1, well above expectation of 52.3. Markit noted that house building remained the best-performing category. New order growth was highest for just over six years. But stretched supply chains led to rising costs.
Tim Moore, Economics Director at IHS Markit: “UK construction output stayed on a recovery path in November and there were signs that the main growth driver has transitioned from catch-up work to new projects. The latest increase in new orders was the strongest since late-2014, with construction firms reporting a boost from rising client confidence and the release of budgets that had been held back earlier in the pandemic.”
