RIYADH: Saudi Arabia’s construction index climbed to 56.3 in June, its highest reading on record, as new project starts and stronger demand boosted activity, a new report showed.
Compiled by S&P Global, the alrajhi capital Saudi Construction Index rose from 51.2 in May, marking the strongest growth since the survey began in January and extending expansion for a second consecutive month.
The index, where a reading above 50 signals expanding activity and one below indicates contraction, pointed to the strongest pace of growth since the metric was introduced.
The survey comes as the Kingdom’s construction pipeline remains robust, with the Saudi Contractors Authority reporting 25 project awards worth more than SR29.5 billion ($7.9 billion) in June, the highest monthly total this year.
Although May remained the strongest month by value, June ranked second, underscoring the continued momentum of the Kingdom’s construction sector.
