Apparently, the UK construction sector is slowly rising like a phoenix from the ashes as the newest findings showed that the segment finally recorded modest growth in May. Without a doubt, good news was brought as house building activity significantly strengthened.
The troubled UK construction sector contracted again in January, according to the newest figures. However, construction companies showed a little bit more confidence as they employed new workers for the first time in four months. Analysts underline that the slowdown in the UK construction activity might raise fears that economic growth will be weighed down in 2013. Among main causes of the recorded slowdown in the UK construction activity were harsh weather conditions and weak demand.
The Office for National Statistics released its data on the UK construction sector showing that it grew as much as 8.3 percent in October, compared to September. Certainly these results have eased fears that the UK economy was heading to a “triple dip” recession.
The UK construction sector shrunk for a second straight month in September as production and new orders continued to decline. The level of business morale was even closer to its lowest one when Britain entered recession in 2008. The PMI for UK construction sector, however, increased slightly to 49.5.