Non-residential building activity is at the tail-end of the strong upturn of the past few years as commencements are on the precipice of a downturn. However, a backlog of work has created a disconnect between commencements and work done.

While we expect commencements to decline in 2023/24, we forecast growth in work done to continue, buoyed by the backlog work that has accumulated.

We are expecting an improvement in labour shortage and other supply constraint issues which will lead to gradual improvement in the lag between commencements and work done.