Britain: Construction PMI rises to its highest level since June 2021

The British construction sector recorded the biggest growth since mid-2021 in February, as coronavirus problems eased and import costs rose at a slower pace throughout the year.

The construction PMI of IHS Markit rose to 59.1 points from 56.3 points in January, the highest level since June last year.

Estimates spoke of 56.3 points.

Shortages of materials and manpower continued to cause problems in construction, but the peak of price pressures seemed to be over and inflation of input costs was the lowest since March 2021.

The Bank of England is watching for signs of continued price pressure as it struggles to cope with rising inflation expectations as consumer price inflation hit a 30-year high of 5.5% in January.

The total PMI, which covers construction, manufacturing and services, stood at 59.8 points from 54.4 points in January.

Source: Capital

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