Construction Sector Bouncing Back as Inflation Fears Ease

The ongoing recovery in the construction sector continued in May, a new survey showed, as an upturn in commercial property helped push activity to its highest level in two years. S&P’s purchasing managers’ index (PMI) for the construction sector rose to 54.7 in May, up from 53.0 in April. Anything above 50 indicates growth. All three subsectors – residential, commercial and civil engineering – registered expansions for the first time since May 2022 after housebuilding returned to a expansion for the first time since…