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Financial News: Ireland Construction Growth At 15-Month High

Ireland Construction Growth At 15-Month High

06/12/2017 - 01:18:00 (RTTNews)

(RTTNews) - Ireland's construction activity expanded at the fastest pace in fifteen months in May, survey figures from IHS Markit showed Monday.

The Ulster Bank Construction Purchasing Managers' Index rose to 63.6 in May from 61.3 in April. Any reading above 50 indicates expansion in the sector.

Among the three monitored categories, the stronger growth recorded on housing activity, following by commercial projects. Civil engineering activity expanded for the second straight month.

New orders received by Irish construction firms grew at one of the sharpest rates since the survey began in June 200.

Consequently, employment increased further and the rate of job creation was broadly in line with that seen in April.

On the price front, input price inflation accelerated to a four-month high in May, driven by higher raw material prices.

"Survey respondents remained strongly optimistic about the year ahead with companies predicting that further rises in new orders should sustain favorable dynamics in construction activity over the near-term," Simon Barry, Chief Economist Republic of Ireland at Ulster Bank, said.

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