LONDON (dpa-AFX) - U.K. construction activity expanded at a faster pace in November, survey data from IHS Markit showed Friday.
The Markit/Chartered Institute of Procurement & Supply construction Purchasing Managers' Index rose unexpectedly to 52.8 in November from 52.6 in October. The score was forecast to fall to 52.2.
Business activity and incoming new work increased at the strongest pace since March. However, both rates of expansion remained much softer than the peaks seen in 2014.
Increased volumes of construction output were underpinned by a solid upturn in new work. At the same time, job creation was maintained across the construction sector in November.
Companies reported a steep rise in their cost burdens in November, with the rate of inflation the fastest for just over five-and-a-half years. This was linked to supplier price hikes in response to exchange rate depreciation.
David Noble, group chief executive officer at the Chartered Institute of Procurement & Supply, said, 'The sector was on a firmer footing this month, as a slight uptick in overall activity and the strongest level of new business growth since March, resulted in more stability after a summer of uncertainty at the time of the EU vote.'
Copyright RTT News/dpa-AFX