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• Create Date September 30, 2026
• Last Updated September 30, 2026

Stronger supplier sentiment masks continued caution across the construction market

The September CMSI points to selective confidence rather than a broad-based construction recovery. Excluding property funds, the index was virtually unchanged, declining by just 0.05% month-on-month. This masks considerable divergence across the construction value chain: suppliers strengthened by 12.3%, while contractors declined by 2.7% and retailers fell by 10.0%. Supplier gains appear to reflect improved company-specific earnings prospects, margin resilience and, in the case of cement producers, a potentially more supportive competitive environment following the introduction of anti-dumping duties.

Contractors continue to benefit from sizeable existing order books, but investor sentiment remains tempered by concerns over the consistency of the forward pipeline and the ability to replace work as existing projects are completed. Construction-related retailers remain the weakest segment.....

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