Output in the British construction sector rose at its fastest pace in four months, according to
November's PMI jumped to 55.5, up from 54.6 in October, marking the tenth consecutive month the construction sector has registered at least 50 on the index. A reading above 50 indicates a majority of firms reported growing output.
Construction firms have been spiked by prices for raw materials soaring due to a combination of red hot demand for resources and supply chains breaking down.
A paucity of workers has also swelled construction firms' costs due to them hiking pay to attract staff.
However, the latest edition of the PMI indicates the worst of the cost crunch appears to be over. Operating costs rose at the slowest pace for seven months,
The end of the furlough scheme has expanded the pool of available workers, meaning construction firms have a greater volume of candidates to select from. "Recruiting is less of a headache for construction firms now that the furlough scheme has ended,"
(c) 2021 City A.M., source