Markit Economics said its Purchasing Managers' Index for the industry declined to 62.4 from 62.6 in June. Economists had predicted a steeper drop to 62.
A gauge of residential building rose to 68, the highest level since 2003, and job creation increased at the fastest since the survey began in
The data add to evidence that the economy is strengthening in the third quarter and signal a rebound for construction after official data showed a 0.5 percent contraction in the three months through June. A survey of Bank of
"Construction companies have performed impressively so far this summer," which may counter the weakness seen in the official data, said
The "sector is enjoying its strongest cyclical upswing since the global financial crisis."
BoE officials are due to meet this week to discuss the latest economic data and will probably leave their key rate at a record-low 0.5 per cent. While BoE governor
The strength in homebuilding was attributed to "favorable funding conditions and strong demand for new housing starts,"
The government has stimulated homebuilding by offering equity loans and mortgage guarantees to home buyers.
The Bloomberg EMEA Home Builders Index of 11 stocks has dropped 2.2 per cent this year, while the benchmark
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