London, June 4 (IANS) Construction sector in Britain rebounded moderately in May as boosted by fast increases of residential building work, said a market survey report released Tuesday.
The Construction Purchasing Managers’ Index (PMI) jointly issued by Markit and the Chartered Institute of Purchasing and Supply (CIPS) rose to 50.8 in May from 49.4 in the previous month, hitting the highest since October last year.
A PMI reading of 50 or greater indicates expansion, while below 50 indicates contraction.
The moderate rebound in the construction PMI is attributed to both output levels and intakes of new work by the construction sector, especially the accelerated expansion of residential activity, reported Xinhua.
House building work hit its fastest pace for 26 months, while new orders received by construction firms increased for the first time in 12 months.
However, the report admitted that the latest PMI reading for construction sector was still a marginal pace of expansion and remained below the long-term average.