Construction sector sees rebound in Oct.

Saturday, 30 November 2024 00:10 - - {{hitsCtrl.values.hits}}

Sri Lanka Purchasing Managers’ Index for Construction (PMI – Construction) rebounded in October 2024, recording a Total Activity Index value of 54.3.

Index compiler, the Central Bank said many respondents mentioned that the operations in construction projects regained momentum in October, following the resolution of election-related uncertainties. New Orders index continued to increase, reflecting the sustained availability of construction work. Many respondents stated that private investors are increasingly showing their interest in projects due to favourable market conditions, particularly with the decline in construction material prices.

Quantity of Purchases index turned positive during the month, aligning with the improved activity levels. However, firms remain cautious in their recruitment strategies, as evidenced by the persistent decline in the Employment index. Meanwhile, Suppliers’ Delivery Time further lengthened during the month.

The outlook for construction activities for the next three months remains positive, mainly due to the increase in project availability, added the Central Bank.