British construction shows solid growth in July

The Purchasing Managers Index for Britain's construction sector showed a sharp June to July jump, with a surge in housing activity pushing it higher. Markit Economics said the sector's PMI rose from 51, just above the break-even point of 50, to 57, which indicates solid growth. Construction posted its highest PMI since June 2010 due to a "robust and accelerated expansion of overall business activity in the construction sector," Markit said. Each of the sub-categories in construction, residential building, civil engineering and commercial construction, expanded, Markit said. "July's survey highlights a new wave of optimism across the U.K. construction sector, with companies reporting a pace of expansion in excess of anything seen over the past three years," Senior Economist Tim Moore said.