The closely watched construction purchasing managers' index showed output growth in May hit the highest level since September 2014, at a reading of 64.2. This was up from 61.6 in April, and the fourth consecutive month of construction growth – any reading above 50 indicates expansion. May's manufacturing PMI, released earlier this week, showed conditions in the sector improving at an unprecedented rate with a reading of 65.6. The construction PMI indicated that firms' costs were rising at the fastest rate since records began 24 years ago. Max Jones, a director in Lloyds Bank's infrastructure and construction team, said: 'A recovery fuelled by pent-up demand isn't without risks.
