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Commercial development continues to rise but growth easing

This was highlighted by the Total Commercial Development Activity Index falling from +14.3% to +9.2%.

Around 21% of commercial developers reported a rise in activity in November, compared with 12% that signalled a decline.

Growth was largely confined to the private sector, as work on public sector projects declined slightly.

Commercial developers continue to hold positive expectations regarding the three-month outlook for activity.

At +10.7% in November, up from +8.2%, the net balance was the highest for three months.

Confidence was strongest regarding retail & leisure activity. Optimism was also signalled for both industrial/warehouse and office activity.

Anecdotal evidence suggested that rising levels of activity supported improved business confidence. However, a lack of availability of bank lending was again cited as having a negative influence on market conditions.

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