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Home / Today's News / U.K. construction activity shrinks again (8:08 a.m. 6/2/09)

U.K. construction activity shrinks again (8:08 a.m. 6/2/09)

London (AP) — Activity in the U.K. construction industry retreated for the 15th straight month in May, but the number of home mortgages approved rose for the third month, according to reports published Tuesday.

The Charter Institute of Purchasing and Supply said its May construction index of 45.9 showed a “marked fall in activity since the previous month” but said the size of the drop was slower than in April.

The number of mortgages approved in April rose to 43,201, the highest level since April 2008, the Bank of England said.

Vicky Redwood, economist at Capital Economics Ltd., noted that mortgage approvals were still below the average of 75,000 a month.

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