Weather partly to blame for the weaker number which hit house building in the main, but even with that the component saw gains. Employment hit a three month high.
Cable pretty much ignoring the data.
“Construction output growth succumbed somewhat to the recent wet weather, with temporary disruptions from heavy rainfall most acute for house building activity in February. Consequently, residential work ceded its place as the best performing category to civil engineering, as construction work related to flood relief and infrastructure maintenance rose sharply over the month. While some froth has come off overall construction growth in February, the latest data showed that job creation picked up to a pace rarely seen since the summer of 2007. Moreover, in the latest survey there were six construction companies forecasting higher activity over the year ahead for every one anticipating a reduction. As a result, there appears an undiminished depth of belief among construction companies that strong growth will be sustained this year, helped by more favourable economic conditions and an ongoing house building recovery.” Said Tim Moore at Markit
UK Markit/CIPS construction PMI 04 03 2014
