The headline CIPS construction PMI edged back in June from its two-year high last month, but at 52.2 remains in expansionary territory. Both the commercial and housing balances retreated, with the latter falling back below 50, indicating some contraction in construction activity. Looking ahead, with capital values bottoming out and interest rates set to fall back, the stage is set for a gradual recovery in construction in both the commercial and housing sectors.
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