U.K. construction continued to expand in November, as housebuilding surged. Expansion was at the fastest rate for more than six years.
The index of construction activity, issued by Markit Economics rose to 62.6 from 59.4 in October, itself a surprisingly high level, as we reported here. Novembers rise again caught economists by surprise, with the median forecast of 17 economists being 59.
Remember that an index of 50 is the dividing line between expansion and contraction and the construction index has been above 50 consistently since May this year. Markit also reports that residential construction growth was the strongest in a decade.