Construction Sector Poised for Growth in Sri Lanka

Sri Lanka’s construction sector is recovering, with key indicators pointing to significant growth. The Purchasing Managers’ Index for Construction reached 59.7 in May, and stakeholders anticipate substantial activity by September. This revival is fueled by lower material costs, including reinforced steel, cement, and concrete, which have seen price drops of up to 35% compared to 2022. Resumed development projects funded by the World Bank and JICA are also contributing to the positive outlook. While challenges such as a skilled labor shortage and project delays persist, the industry is optimistic about reaching an 11% growth rate, supported by new public and private sector projects.

Source: https://hirunews.lk/en/business/415144/construction-sector-poised-for-significant-growth-in-sri-lanka