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UK construction industry at three-year high UK construction industry at three-year high
(35 minutes later)
The UK's construction industry has reached its highest level of activity since June 2010, a survey has indicated, boosted by a continuing surge in house building.The UK's construction industry has reached its highest level of activity since June 2010, a survey has indicated, boosted by a continuing surge in house building.
The Markit/CIPS Construction Purchasing Managers' Index rose to 57.0 in July from 51.0 the month before.The Markit/CIPS Construction Purchasing Managers' Index rose to 57.0 in July from 51.0 the month before.
A figure above 50 indicates expansion.A figure above 50 indicates expansion.
"July's survey highlights a new wave of optimism across the UK construction sector," said Markit senior economist Tim Moore."July's survey highlights a new wave of optimism across the UK construction sector," said Markit senior economist Tim Moore.
He added that construction firms were reporting "a pace of expansion in excess of anything seen over the past three years".He added that construction firms were reporting "a pace of expansion in excess of anything seen over the past three years".
The government announced measures in March 2013, such as Help to Buy, to support people looking to buy their first home and to spur construction of new properties.The government announced measures in March 2013, such as Help to Buy, to support people looking to buy their first home and to spur construction of new properties.
The construction sector has been an area of weakness in the UK economy.The construction sector has been an area of weakness in the UK economy.
First estimates for second-quarter GDP show the sector grew 0.9%, but it still remains more than 16.5% lower than it was before the start of the financial crisis in 2008.First estimates for second-quarter GDP show the sector grew 0.9%, but it still remains more than 16.5% lower than it was before the start of the financial crisis in 2008.
Overall GDP growth for the April-to-June period was 0.6%.
Howard Archer, chief European and UK economist for IHS Global Insight, hailed the survey as "more good news for the UK economy, with the construction sector seemingly increasingly shrugging off its long-term problems and now contributing to growth".