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Construction sector continues to grow in March

April 12th, 2011

The latest figures from Markit and the Chartered Institute of Purchasing and Supply (CIPS) show that the construction sector continued to grow in March.

However, the rate of growth slowed compared to the previous month, with the Markit/CIPS Construction Purchasing Managers Index standing at 56.4 last month, down marginally on the 56.5 registered in February.

David Noble, chief executive at the CIPS, urged caution, noting that the sector may face difficulties later in the year.

“Although March saw the third monthly growth in a row of residential construction activity and staff reduction was at its weakest in many months; other indicators showing continued volatility in house prices and poorer consumer confidence mean there is still a great deal of uncertainty,” he stated.

The Construction Index reported that the civil engineering sector experienced the strongest growth over the month, followed by residential and commercial construction.

According to building.co.uk, analysts had predicted that growth would slow further during March after the index reached an eight-month high in February.

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