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Financial News: Ireland Construction Growth At 8-Month High

Ireland Construction Growth At 8-Month High

02/11/2018 - 23:40:00 (RTTNews)

(RTTNews) - Ireland's construction activity expanded at the fastest pace in eight months in January, data from IHS Markit showed Monday.

The Ulster Bank construction Purchasing Managers' Index rose to 61.4 in January from 58.0 in December. Any reading above 50 indicates expansion in the sector.

Among three monitored categories, activity on civil engineering projects increased sharply in January. Steep expansions in activity were recorded again in the housing and commercial sub-sectors.

Growth in new orders quickened to a six-month high and rising workloads led construction firms to increase their staffing levels again in January.

The rate of job creation was sharp and the fastest since last August.

"Moreover, construction firms are looking to the year ahead with high levels of confidence, with sentiment around future prospects buoyed by expected further improvements in the wider economy and in the construction industry itself," Simon Barry, Chief Economist Republic of Ireland at Ulster Bank, said.

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