Construction in the UK is booming again, reaching its highest level of output since September 2007.
Firms have hired workers at the fastest pace for six years as confidence in the economy continues to increase and construction output is forecast to continue rising.
As the property market continues to gather steam, housebuilding has been the biggest driver of growth in the sector, though civil engineering and commercial projects also saw increased activity in October.
The Markit/CIPS UK Construction PMI output measure came in at 59.4, up from 58.9 in September and well above the 50-mark, which separates growth from contraction, for the sixth straight month. It was the highest reading since September 2007 and also higher than the forecast of 58.9 in a Reuters poll of economists.
Tim Moore, senior economist at Markit said: “UK construction output continues to rise like a phoenix from the ashes, with housing, commercial and civil engineering activity all seeing strong rates of expansion at the start of the fourth quarter.”
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