Sri Lanka Purchasing Managers’ Index for Construction (PMI – Construction) recorded an index value of 54.5 in May 2024, indicating an improvement in construction activities. The outlook for construction activities over the next three months remains positive, mainly due to the expected increase in project availability.
Many construction projects were back on course in May after the extended holidays of the previous month. However, several respondents mentioned that the prevailing adverse weather conditions had dampened the expected improvement.
New Orders marginally increased in May compared to the previous month. As per the survey participants, road construction projects are the mostly available large-scale tenders at present. Many of them emphasized the necessity of more sizable infrastructure projects to stimulate the construction industry. Many respondents mentioned that the price levels of construction-related materials continued to decline during the month, which is conducive to the industry. Meanwhile, Suppliers’ Delivery Time remained lengthened in May as well.
