The UK construction industry has had an impressive level of activity this June, helping to recover from the slowdown earlier this year due to the “beast from the east”.
According to the latest Purchasing Managers Index, the figures are up from 52.5 in May to 53.1 in June. This is the fastest grown in seven months which suggests strengthening of the industry. These figures are closely watched by the Bank of England to help gauge interest rates. WIth the strengthening industry, it is hoped this will help edge the BOF closer to raising interest rates.
Many experts are stressing that the industry still has a long way to go and that more sustainable activity is needed to give investors confidence. With Brexit just around the corner, many are blaming the uncertainty for lack of even higher figures.