UK Construction Industry to Carry Forward its Successful Growth from August
Published By : 03 Sep 2015 | Published By : QYRESEARCH
The construction industry in the United States performed well in the month of August. U.K. construction industry is ready to carry forward its successful development plans this month. Positive PMI data raised hopes for the construction industry in U.K. as the building sector was able to contribute towards economic growth. The construction industry in the United States will continue to be in the recovery stage in coming few months.
On the basis of a survey on the construction industry in the United States, Britain developed at a fast pace in august. This has developed hopes that there will be economic growth in the third quarter of the year. According to the Chartered Institute of Purchasing and Supply, the monthly purchasing index reached 57.3 from 57.1 in July. There was a growth in employment levels as well as business activities during this recovery phase. The house building sector observed the fastest expansion in the construction industry in the United States. The commercial building sector is also predicted to develop faster with improvements in the construction equipment.
Increasing demand from the private sector and improved economic conditions led to the growth of the construction industry in the United States. As per Howard Archer, the government of U.S. welcomed the improvements and developments in the house building construction sector. Currently, the construction sector in U.K. is planning to support U.K. to recover the dip in their housing sector. The positive news is that the developments in the construction industry are expected to contribute strong towards economic growth of the country during the third quarter of 2015.
Stefan Friedhoff, the managing director of Global Corporates, for construction at the Lloyds Bank Commercial Bank, stated that the construction industry will perform better due to its capacity to handle tight labor market, growing demand, and inflationary pressure.