Construction Industry PMI dips in April, to pick up in next 3 months
Following the seasonal pattern where activities across many sectors slow down during the traditional new year celebrations, Sri Lanka Purchasing Managers’ Index for Construction (PMI- Construction) too decreased to an index value of 31.9 in April 2024.
The industry outlook for the next three months is positive, mainly due to the expected increase in new construction projects.
This indicates a contraction in construction activities compared to the previous month. As per the respondents, most construction sites were temporarily closed during the month due to the extended new year holidays, leading to this month-on-month decline. New Orders decreased in April with fewer working days. However, most respondents were confident that the increasing trend in tender opportunities will continue in the upcoming months. Moreover, the participatory firms widely highlighted the intense competition in the market.
The Employment and Quantity of Purchases declined during the month, in line with the decline in total activities and new orders. Further, the decreasing trend of the overall price levels continued in April as well.
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