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Financial News: Ireland's Construction Activity Growth Weakest In 31 Month

Ireland's Construction Activity Growth Weakest In 31 Months

11/12/2017 - 23:56:00 (RTTNews)

(RTTNews) - Ireland's construction activity grew at the slowest pace in over two-and-a-half years in October, survey data from IHS Markit showed Monday.

The Ulster Bank Construction Purchasing Managers' Index fell to 54.5 in October from 56.5 in September. This was the lowest score since March 2015.

Nonetheless, a reading above 50 indicates expansion in the sector.

Housing and commercial construction activities grew at slower pace in October, although both continued to see marked expansions. Meanwhile, civil engineering work continued to contract.

New business increased at a sharp pace amid improving client demand. That said, the rate of expansion eased to a 31-month low. The rate of job creation also eased in October.

The rate of input cost inflation quickened to a four-month high. Further, data showed that sentiment among construction firms dipped to an eight-month low.

"While the overall story very much remains one of continuing construction sector improvement, both in absolute terms and relative to other European countries, the evidence of some recent cooling in momentum bears close watching in the months ahead," Simon Barry, chief economist Republic of Ireland at Ulster Bank, said.

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