Details of the September 2016 UK Markit/CIPS Construction PMI report 4 October 2016
Prior 49.2
Housing 53.7 vs 48.2 prior
New orders highest for 6 months
Take that Brexit!
Good news but zero effect in the pound, and even if it did jump, I'd expect seller would be queueing up to smack it back down.
The Markit survey noted that; "Survey respondents cited improving confidence among clients and a reduced drag on demand from Brexit-related uncertainty."
Despite the Brexit fears waning in housing, it was noted that commercial construction was still weak due to the uncertainty. Once again we see the two faces of Brexit, the one where domestic factors (like housing) are getting back to normal, and the other (commercial), which is often linked with foreign investment, is still unsure of the future.
The bigger deal right now is whether all this data is going to stop the BOE from cutting rates again in Nov. I've got to say that at the moment, the data is making that a tougher choice day by day.
UK construction PMI