UK Construction Growth Slows

02 May 2012 17:30 - Crage Campbell

    



UK Construction Growth Slows

According to Markit and the Chartered Institute of Purchasing and Supply, construction purchasing managers’ index came in at 55.8 last month, down from March’s 21 month high of 56.7 showing that growth in the UK construction sector slowed in April. The 50 mark separates contraction from expansion. The survey found the strongest pace of expansion was in the commercial construction sector, followed by civil engineering compared to only marginal growth in the residential building sector. The construction sector accounts for 7.6% of the UKs gross domestic product. However, it has been one of the most volatile sectors recently having a bigger impact on Britain’s overall economic performance than usual.

The Office for National Statistics said last week that the constructions’ sector output contract 0.3% in the first quarter of 2012 which it the biggest quarterly decline since 2009. The sector was one of the main contributors to overall 0.2% contraction in GDP. "The worry is that the sector may suffer from a lack of large-scale new projects once current undertakings such as the Olympics are completed," Tim Moore, Senior Economist at Markit said. "Further evidence of underlying fragilities also persisted in the beleaguered housing sector where activity growth fell well short of the trend in the wider construction economy."

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