05/04/2011
The construction industry continued its growth in 2011 as latest figures reveal positive readings, reports rte.ie.
The Markit/CIPS UK Construction PMI index for March shows that the industry built upon strong growth in January and February by registering a high index for March. It hit 56.4 where anything above 50 represents growth.
The figure is only marginally below February's eight-month high of 56.5, but well ahead of the 54.8 that city analysts predicted.
Construction firms can continue the increasing growth by utilising sales finance in order to free up cash left in unpaid invoices. Extra cash can be pumped into recruitment or into getting more lucrative jobs for the firm, increasing its authority in the construction sector.
Sarah Ledger, Economist at Markit and author of the UK Construction PMI, said to constructionenquirer.com: "UK construction companies reported a strong end to the first quarter, with activity rising at a similar pace to the eight-month high recorded in February.
"The data therefore adds to the generally positive flow of data... [further] adding to evidence that the economy rebounded strongly from the surprise contraction of GDP in the final quarter of last year."
Simon Rubinsohn, RICS Chief Economist, said: "The March PMI for the construction sector suggests that fears about the impact on activity of forthcoming spending cuts may be exaggerated."
Ashley Curtis