The construction PMI increased to 53.2 in December, from 52.3, ahead of our and the consensus forecast of 51.5. At this level the index is consistent with reasonably positive growth.

Furthermore, growth appears to be broadly-based: all three subcomponents - housing, commercial and civil engineering - reported positive growth, the first time since March 2011 that the sector has seen such a broad-based expansion.

The civil engineering subcomponent, which has been quite volatile in recent months, showed the most marked improvement, increasing to 54.1 from November's 49.9. The indicators of housing and commercial sector activity actually fell slightly, although both remain consistent with positive growth.


source: BarCap