Gains still seen across all areas of construction, although slowing. Housing to the lowest growth rate in 12 months (61 vs 65.8 in Sep).

GBP/USD tips under 1.6000to 1.5979

It should be a shock to see housing helping lead the index lower as the new mortgage rules help to ease demand, and that’s been noted by the survey respondents. Housing wasn’t the weakest area as civil engineering took that prize. New orders was at the slowest since May.

On the plus side employment continued to grow in the sector but we may see that start to wane if business slows further. Construction is still in a very good place despite the fall we’ve seen over the last few months. If we drop through 55 then there might be cause for concern that we enter a contraction phase.

UK Markit construction PMI 04 11 2014

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