Construction contracts at slowest rate for over a year
According to the CIPS/Markit Index, the construction sector contracted at its slowest rate in 18 months.The index posted a reading of 47.7 in August, while incoming new business posted a further decline in August.
Construction jobs contracted sharply in August as constructors continued to cut capacity to accommodate reduced business, but companies indicated sustained optimism over future business activity.
David Noble, chief executive at the Chartered Institute of Purchasing & Supply, said: “Though August saw a reduction in the rate of deterioration in the construction sector, it is still the sick man of the UK economy. Far from seeing signs of a return to growth, the sector remains stuck in an unprecedented 18 month period of contraction...Perhaps most concerning was further news of job cuts as companies tried to manage reduced levels of business.”
2 comments:
Thanks for such an informative article.I think that construction sector has been affected a lot due to the recession in the market and i think that this also a major reason for the construction sector contracting at it's slowest rate in 18 months.
Thanks,
Portable Storage,
www.moveablecubicle.com
Thank you for your great article on this is very important subject.Very informative and easy read.The economic growth has badly affected due to recession and the construction thats why construction companies contracting at its slowest rate in 18 months.Hope so i will get the futhur updates in future.
Thanks,
Storage Containers,
www.boxtcontainers.com
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