Construction industry grew in February, survey finds

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3rd March 2015 14:55 - Construction

A recent Markit/CIPS purchasing manager’s index (PMI) has indicated that the UK construction industry experienced profound growth in Construction industry grew in February, survey findsFebruary, with a score of 60.1, the highest since October 2014 - and significantly higher than the minimum growth score of 50.

Other industries, which showed signs of growth this month were, housing, civil engineering and commercial.

A similar purchasing manager’s survey found that the UK manufacturing industry also grew notably, hitting a seven month high in February.

As it stands, the construction industry makes up 6 per cent of the UK economy.

Speaking on the construction industry’s recent growth, Markit's senior economist, Tim Moore said, "The latest survey highlights renewed vitality within the UK construction sector, as output growth picked up further from the soft patch seen at the end of 2014.  However, some construction companies noted that the uncertain general election outcome could prove a temporary bump in the road for new work."

Travis Perkins, a key player in the construction industry declared pre-tax profits of £321.4 million for 2014, a notable increase from the £312.6 million pre-tax profit the year before.

CEO of Travis Perkins, John Carter said of the company’s successful year, "encouraging progress in the majority of our businesses".

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