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IHS Markit/CIPS Construction PMI (Nov.)

The rise in the headline construction PMI in November showed that the industry continued to recover even as overall economic activity probably contracted again. But builders’ optimism that this will continue for the foreseeable future seems misplaced to us. The slump in housing transactions and the further slide in commercial property capital values we expect in 2021 suggests that the recovery in construction will peter out next year.

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