By Daniel Hunter
The UK construction sector continued to grow in February despite the floods, but at a slower pace.
The closely watched Markit/CIPS Construction Purchasing Managers’ Index (PMI) revealed the sector’s growth slowed down to 62.6 in February, after reporting a figure of 64.6 in January.
Despite the slight decrease in rate of growth, the construction sector is still growing strong. Any figure above 50 indicates growth.
Markit blamed the recent extreme weather, including severe flooding in the Somerset area. Housebuilding was particularly hit – construction increased but at its slowest pace for four months.
Tim Moore, senior economist with Markit, said: “Construction output growth succumbed somewhat to the recent wet weather, with temporary disruptions from heavy rainfall most acute for housebuilding activity in February.”
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