May 2, 2007 / 9:17 AM / 13 years ago

Construction activity growth at 3-1/2 year high

LONDON (Reuters) - Construction activity growth picked up at its fastest rate in nearly 3-1/2 years in April, driven by a sharp acceleration in house building, a survey showed on Wednesday.

The Chartered Institute for Purchasing and Supply said its seasonally adjusted index for construction rose to 59.8 in April from 58.9 in March — the highest index reading since November 2003.

The expansion was driven by a strong rise in housing activity, which grew at its fastest rate since December 2003, when the housing market was booming. The housing activity index rose to 60.9 from 56.1 in March.

“We began to see the impact of the increasing demand for new houses in the UK,” said Roy Ayliffe a director at CIPS.

“Expectations for the sector remain high with companies planning further increases in marketing activity to support the sector’s buoyancy.”

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