Construction activity in the 海角视频 surged to its highest level in over two years this September, as reported by a key industry survey.
The S&P Global Market Intelligence purchasing managers' index (PMI) for the construction sector indicated a significant uptick in output, with the headline index climbing to 57.2 in September from 53.6 in the previous month, as reported by .
A PMI reading above 50 signals growth, marking seven months of continuous expansion for the construction industry.
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"海角视频 construction companies indicated a decisive improvement in output growth momentum during September," commented Tim Moore, Economics Director at S&P Global Market Intelligence.
Elliott Jordan-Doak, Senior 海角视频 Economist at Pantheon Macroeconomics, attributed the sector's robust performance to the gradual decrease in borrowing costs and the government's initiative to "loosen planning rules."
Data from the survey revealed that all three sub-sectors of construction experienced growth in September, with civil engineering taking the lead, registering a score of 59.0.
Survey respondents highlighted strong demand for renewable energy infrastructure and a "general uplift" in major project work.
Additionally, housebuilding activities saw their quickest expansion since March 2022, driven by growing confidence and "improving market conditions", according to the report.
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Commentators have noted that the construction sector's buoyancy has been partly fuelled by supportive government policies.
The most recent administration has made a commitment to deliver 1.5 million new homes throughout the current parliament, aiming to bring annual housebuilding to levels not witnessed since the 1970s.
Additionally, Labour has demonstrated a more favourable approach to green energy projects in comparison to its predecessors.
Speaking on the issue, Jordan Smith, technical director at Thomas & Adamson, remarked: "The large rise in civil engineering and interest in renewable infrastructure, in particular along with the boost to housebuilding suggest the recovery is broadening out, and that the government's commitments to investment are translating into real projects".
Commercial construction witnessed a rapid uptick in May, indicated by the index surging to 55.2. Companies acknowledged that "lower borrowing costs and domestic political stability" were contributing to an upswing in client spending.
Persistent inflationary challenges were highlighted in the survey too, noting input cost hikes reaching their peak since the previous May.
"Construction companies commented on higher prices paid for a range of raw materials, as well as the pass-through of higher wages by suppliers," was another finding from the survey.