In December 2023, the Construction Purchasing Managers' Index (PMI) registered a value of 48.6, signalling a slower contraction in construction activities compared to the previous month. Notably, the index has remained below 50, which indicates contraction, since February 2022, indicating almost two years of subdued growth.
The decline in New Orders during December was consistent with the previous month, suggesting a persistent trend. Additionally, Employment in the construction sector contracted, largely attributed to layoffs associated with project completion.