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Financial News: Ireland Construction Growth Remains Strong In August

Ireland Construction Growth Remains Strong In August

09/10/2018 - 00:29:00 (RTTNews)

(RTTNews) - Ireland's construction sector growth remained elevated in August, despite easing from July, survey data from IHS Markit showed Monday.

The Ulster Bank construction Purchasing Managers' Index dropped to 58.3 in August from 60.7 in July. However, any reading above 50 indicates expansion in the sector.

"The August survey results were also notable as they marked the 60th consecutive monthly expansion of construction activity, indicating that survey respondents have now been in recovery mode for five years following the extreme collapse which took hold during the financial crisis," Simon Barry, Chief Economist Republic of Ireland at Ulster Bank, said.

Among three monitored categories, the fastest growth was on residential projects. but, the pace of expansion moderated from July. The rate of growth in commercial activity also eased, while civil engineering activity rose for the second straight month.

New orders increased sharply, though the rate of growth slowed for the third successive month. Rising workloads forced companies to raise their staffing levels and purchasing activity in August.

On the price front, the rate of input price inflation quickened amid rising costs for a range of raw materials. T

Firms were confident that new work on housing projects will help lead to increases in construction activity over the coming year.

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