LONDON — Growth in Britain’s construction sector unexpectedly accelerated in April, according to the latest PMI figures from IHS Markit on Wednesday.
IHS Markit and CIPS’ latest PMI release for the construction sector — which measures expectations of growth — came in at 53.1 for the month of April.
That was up from the 52.2 reading in March, and well above the 52 forecast by economists prior to the release.
The purchasing managers index (PMI) figures from IHS Markit are given as a number between 0 and 100.
Anything above 50 signals growth, while anything below means a contraction in activity — so the higher the number is, the better things look for the UK.
“With the biggest rise in new orders since the beginning of the year, the sector is in a strong preelection position buoyed up by a hardy UK economy and strong client confidence,” Duncan Brock, Director of Customer Relationships at the Chartered Institute of Procurement & Supply said.
“The housing sector offered up the best news recovering from last month’s minor blip and building on its strongest performance since the end of last year.”
Here is the chart:
NOW WATCH: Scott Galloway on the biggest thing in tech in 2017: Amazon could eliminate the existence of brands with voice technology
Business Insider Emails & Alerts
Site highlights each day to your inbox.