A new report has revealed great news for umbrella company contractors working in the construction industry, showing that the sector is now at its highest level of growth in three years.
The seasonally adjusted UK Construction Purchasing Managers’ Index (PMI), carried out by Markit and the Chartered Institute of Purchasing & Supply, revealed that both optimism and growth has reached its highest level since June 2010.
The PMI scored 57.0 for July of this year, increasing from 51.0 in June; the index was above the 50.0 no-change value for the third month in a row, with the latest reading showing that the rate of output growth picked up to its fastest in three years.
One of the main reasons behind this accelerated growth is thought to be due to the upturn in house building.
David Noble, Chief Executive Officer at the Chartered Institute of Purchasing & Supply, commented, “Homes are the beating heart of this rapid recovery in the construction sector, backed by a solid expansion in civil engineering and commercial activity. Better economic conditions, a jump in new business activity and the strongest level of confidence since the era of austerity began in 2010, strongly suggest this growth can be sustained into Q3.
Lisa Keeble is the Managing Director for Contractor Umbrella Ltd, one of the UK’s Most Respected Umbrella Companies and founder member of AllUmbrellaCompaniesAreEqual.
Learn more about Lisa on Google.