Construction still shrinking but rate of decline slows

Activity in the construction sector declined again in July but the rate of decline has slowed, according to figures published today.

The Chartered Institute of Purchasing and Supply/Markit construction PMI rose to 47.0 for the month, up from 44.5 in June.

The figure is the highest reading for 16 months, but is still below the 50.0 mark, which distinguishes contraction from growth in the sector.

For expert analysis on the latest CIPS figures, visit Brian Green's Brickonomics blog.