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Financial News: Ireland Construction Growth At 1-Year High

Ireland Construction Growth At 1-Year High

06/11/2018 - 00:13:00 (RTTNews)

(RTTNews) - Ireland's construction activity expanded at the fastest pace for a year in May, survey data from IHS Markit showed Monday.

The Ulster Bank construction Purchasing Managers' Index rose to 61.8 in May from 60.7 in April. Any reading above 50 indicates expansion in the sector.

Among three monitored categories, both housing and commercial activity grew at marked rates in May, while civil engineering activity decreased modestly.

Growth in new orders accelerated to 12-month high in May amid improved weather and business conditions.

Rising demand led firms to raise staffing levels in May. The rate of job creation eased from April's 14-month high, but remained sharp.

"Survey respondents remained strongly optimistic about the year ahead with a strong pipeline of new activity and improving economic conditions cited as important sources of support," Simon Barry, Chief Economist Republic of Ireland at Ulster Bank, said.

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