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Financial News: Ireland Construction Growth At 8-Month Low

Ireland Construction Growth At 8-Month Low

07/08/2019 - 00:45:00 (RTTNews)

(RTTNews) - Ireland's construction activity grew at the slowest pace in eight months in June, survey data from IHS Markit showed on Monday.

The Ulster Bank Construction Purchasing Managers' Index fell to 53.1 in June from 54.9 in May. Any reading above 50 indicates an expansion in the sector.

"The demand for construction workers continues to be underpinned by new business which continued to rise solidly in June, with respondents citing greater residential activity and availability of new projects as important sources of support for new orders," Simon Barry, chief economist Republic of Ireland at Ulster Bank, said.

"While sentiment eased back a little last month, almost 40 percent of respondents are anticipating higher output levels in the coming twelve months, with stronger economic conditions expected to result in further increases in demand for construction work."

The housing sub-category, recorded the fastest rise in activity of the three monitored sub-sectors for the sixth successive month in June. The corresponding PMI rose slightly to 58.4 from 58.3 a month ago.

Commercial activity also expanded solidly, although at the second slowest pace in seventy-one months. The commercial activity index came in at 52.8 versus 53.1 in the previous month.

Civil engineering activity declined for the tenth successive month, but at the fastest pace since November 2018. The civil engineering activity PMI eased to 42.3 from 46.3 in the prior month.

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