Survey results released this week revealed the UK construction industry has seen a spike in consumer confidence indicating an 11-year high.
The Markit/CIPS UK Construction Purchasing Managers’ Index (PMI) rose to 58.1 in June, up from 55.9 last month, above the survey average of 54.6.
Consumer confidence and business growth has contributed significantly to residential purchase and job creation, and from this, 62% of survey respondents believe output will continue to rise over the next 12 months.
Commenting on the survey, Tim Moore, Senior Economist at Markit said*:
“UK construction companies experienced a growth rebound and surge in business confidence at the end of the second quarter. Survey respondents cited robust inflows of new work in June, adding to already strong order books across the sector.
“The extent of the recent rise is construction optimism is party down to relief that pre-election uncertainty has now passed, but it also suggests that firms are infused with confidence that underlying demand will continue to recover.”
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