The April CIPS Construction PMI showed a growing divergence between the housing and commercial sectors, with activity in the latter seeing a gradual recovery while the former declined to a 36-month low. A resilient economy and improvements on the supply side are supporting commercial construction, while the housing sector has been hit by the end of the Help to Buy scheme. But looking ahead we still expect a mild recession, and that implies overall construction activity will tread water this year.
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