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"… it may be some time yet before we start seeing the sustained growth the [construction] sector really needs"
- David Noble, Chief Executive Officer at CIPS
U.K. construction purchasing managers' index (PMI) unexpectedly advanced to 53.9 in October from 50.1 in September, said the Markit research agency on Wednesday. Economists expected the reading to stagnate at 50.1.
"Reports of new contract wins from previously quoted projects and some advance orders for 2012 led to the steepest increase in new business since the spring," CIPS Chief Executive Officer David Noble said in a statement. "Due to current economic conditions, it may be some time yet before we start seeing the sustained growth the sector really needs."
"The outlook for the sector remains uncertain, with October seeing a further weakening in sentiment regarding business expectations," said Markit economist Sarah Bingham.