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News - 2 August 2012

Positive news for Construction Industry

The UK construction sector unexpectedly returned to slight growth in July, according to a closely-watched report, but new orders continued to decline.

The Markit/CIPS construction PMI index was 50.9 in July, up from June's 48.2. Any figure above 50 indicates growth. Most analysts had expected the sector would continue to contract.

The latest Markit/CIPS report added that expansion in the construction sector was "largely confined" to the commercial sector, with house building and government projects continuing to decline.

However, the most recent official data on construction by the office for National Statistics (ONS) showed that output fell sharply in the second quarter overall, by 5.2pc, following a 4.9pc decline in the first quarter.

Lavinia Newman, Founder of ABDS says:
“The Government’s announcement of guarantees for up to £40bn of projects is welcome, but investment is needed sooner rather than later. Support for house-building is particularly urgently required.”

If you need any help and advice for your business contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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