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Financial News: Ireland Construction Growth Tumbles To 4-Month Low, Yet

Ireland Construction Growth Tumbles To 4-Month Low, Yet Robust

07/10/2017 - 07:32:00 (RTTNews)

(RTTNews) - Ireland's construction growth eased to a four-month low in June, mainly due to a slower increase in orders, yet the pace of expansion in activity remained robust, survey data from IHS Markit showed Monday.

The Ulster Bank Construction Purchasing Managers' Index fell to 58.2 in June from 63.6 in May. A score above 50 suggests growth in the sector.

"This follows a particularly strong May performance (among the strongest in the survey's 18-year history) and the still very-elevated level of the PMI indicates that the recovery in Irish construction continues apace," Ulster Bank Chief Economist Simon Barry said.

Despite the slower growth in orders in June, employment continued to increase markedly and business sentiment rose to a 10-month high, the survey said.

"Over 60 percent of firms expect activity to increase over the coming year, which taken together with further sharp increases in New Orders, suggests that near-term prospects for the sector remain very favorable following a very strong first half of 2017," Barry said.

Total activity has expanded in each of the past 46 months, the survey said. Panelists reported improving demand, led by growth in housing and commercial sectors.

Commercial and housing activity were the key drivers of growth in June with the former being the strongest performer.

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