British construction PMI drops to 57.8 in March

British construction purchasing managers' index (PMI) dropped to 57.8 in March 2015 from 60.1 in February 2015, the lowest reading over the past three months, said Markit Economics Limited Thursday.

The data was far below the market expectation consensus of 60.4, though it has registered a 23rd month of exceeding the 50.0 activities expansion threshold.

All three broad areas of construction activity saw a loss of momentum since February, said the London-based market surveyor. Housing remained the best performance sub-sector, followed by commercial construction and civil engineering.

In terms of additional job hiring, however, the latest survey pointed to an element of caution among construction companies, with overall employment numbers rising at the least marked pace since December 2013, said Markit.

Tim Moore, senior economist at Markit, commented that British construction growth has settled in at a strong pace so far in 2015, although the recovery has lost some of its swagger since last year.

He said: "Construction companies are highly upbeat about their prospects for growth over the course of the next 12 months, helped by improving economic fundamental, strong order books and a healthy pool of new invitations to tender." Endit