Construction boom continues

The local construction sector continued to expand at a faster pace in July, extending a nearly two-year recovery, supported by increased public sector spending and a pickup in private sector building activity.

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The Purchasing Managers’ Index (PMI) for the construction sector rose to 60.0 in July from 58.6 in June.

In PMI terms, a reading above 50 indicates expansion, while a value above 50 signals a faster expansion. A reading below 50 indicates contraction, and 50 is neutral.

PMI is a key leading indicator of economic activity across sectors such as manufacturing, services, and construction, providing an early signal for gross domestic product trends, which are released with a two-and-a-half-month lag.