Investing.com – Britain's construction sector expanded in May for the third straight month and at its fastest pace since September 2007, faster than forecast, industry data showed on Wednesday.
In a report, the Chartered Institute of Purchasing and Supply, an industry group, and the market research firm Markit said their Construction Purchasing Managers' Index posted 58.5 during the month, rising slightly from March’s reading of 58.2.
Economists had expected the figure to come in at 58.3.
A rise in new orders drove the increase in activity, and also led to an increase in employment, the report said.
"All of the three broad U.K. construction subsectors showed a rise in activity during May," the report said. "Of these, the strongest expansion was reported for house building. Growth in residential construction was the sharpest since August 2007."
Following the release of the data, sterling was up against the U.S. dollar, with GBP/USD advancing 0.18% to reach 1.4675.
In a report, the Chartered Institute of Purchasing and Supply, an industry group, and the market research firm Markit said their Construction Purchasing Managers' Index posted 58.5 during the month, rising slightly from March’s reading of 58.2.
Economists had expected the figure to come in at 58.3.
A rise in new orders drove the increase in activity, and also led to an increase in employment, the report said.
"All of the three broad U.K. construction subsectors showed a rise in activity during May," the report said. "Of these, the strongest expansion was reported for house building. Growth in residential construction was the sharpest since August 2007."
Following the release of the data, sterling was up against the U.S. dollar, with GBP/USD advancing 0.18% to reach 1.4675.