The March headline CIPS Construction PMI reversed some of its surprise jump in February, but it remained in expansionary territory. That was driven by the commercial sector, where strong expectations for future demand has persuaded developers to maintain output even as capital values have declined. With the banking crisis providing an additional headwind, output may soon contract. But overall the survey shows construction is well-placed to take advantage of the eventual economic recovery.
In view of the wider interest we are also sending this UK Commercial Property Data Response to clients of our UK Housing Market Service.
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