In March, the Construction PMI indicated an expansion in construction activities, albeit at a slightly slower pace compared to February. Importantly, this marks the third consecutive month that the index has remained above the neutral threshold, signaling a steady improvement in construction activities over time.
According to survey responses, while projects are available for tender, stiff competition in pricing was noted among respondents. This suggests that despite the overall expansion in construction activities, market dynamics are driving competitive pricing strategies among contractors bidding for projects.