Construction sees sharp rise in growth

According to data released by the Purchasing Managers Index (PMI) there is optimism that the recovery can continue over the next couple of years amongst construction firms across Britain. The survey which is carried out on a monthly basis shows the level of optimism in the industry was it’s highest since 2007.

The figures suggest that the construction industry is growing slowly and that optimism is now at the highest level since the financial crisis. The industry was hit very hard during the downturn as developers stopped building new homes as well as commercial property. A recovery in the construction industry is seen as an essential part of the recovery and government ministers will be hoping that it is another part of the jigsaw puzzle that is being put into place.

Whilst the construction industry has benefited from the works commissioned because of the floods that caused so much damage it is the house building industry that has been the main driving force behind the recovery. The recovery in house building is the sharpest in a decade as developers take advantage of the cheap money that has been made available as well as the increase in the number of buyers entering the market. The Help To Buy Scheme has been responsible for some of the improvement as first time buyers look to get a foot on the property ladder.