Construction industry shrink rate slows for January

There was a slight drop-off in the rate of contraction of the construction industry in January, according to industry figures released today.

The Chartered Institute of Purchasing and Supply/Markit construction PMI index rose to 34.5 in January from 29.3 in December.

But it was still the 11th month running the index has been below 50, the level which marks contraction.

"The remainder of this quarter will be important in ascertaining if the rise in the indices in January was an aberration or a real sign of a turning point in the cycle," said Roy Ayliffe, director of professional practice at CIPS.