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Construction firms upbeat about 2015

05 Jan 2015

In the second release over the past week from Markit/CIPS, the UK Construction PMI* (Purchasing Managers' Index) shows that construction companies are optimistic about output in 2015

52% of companies expect increased output in 2015, against 13% that expect a reduction

Although companies enjoyed a reduction in raw material prices, they noted that skill shortages were becoming apparent, which indicates upward pressure on wages. They also noted an increase in delivery times, due to the growth in new business

The survey gave an overall reading of 57.6 (above 50 indicates expansion), against the long-run average of 54.5, driven primarily by residential house building, followed by commercial construction. Civil engineering however, declined for the first time in 17 months.

Construction firms recorded the strongest calendar year of residential building since the survey began in 1997

*The construction PMI is based upon data compiled from monthly replies to questionnaires sent to over 170 construction companies. The survey has gained an excellent reputation for giving the earliest possible indication to what is actually happening at 'grass roots' level in the economy

For the full release click here

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