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Financial News: Ireland Construction Decline Worsens Amid Subdued Demand

Ireland Construction Decline Worsens Amid Subdued Demand

01/09/2023 - 01:42:00 (RTTNews)

(RTTNews) - Ireland's construction activity deteriorated at the fastest pace in five months in December amid continued falls in output and new orders as challenging economic conditions hit market demand, survey results from S&P Global showed on Monday.

The headline BNP Paribas Real Estate Ireland construction Purchasing Managers' Index dropped to 43.2 in December from 46.8 in the previous month. Any reading below 50 indicates contraction in the sector.

There was a decrease in activity in all three monitored categories of construction during December, led once more by civil engineering. Housing activity decreased for the third straight month, while the softest fall in activity was seen on commercial projects. 

New orders fell for the ninth successive month in December, and at the fastest pace since August. By responding to these lower workloads, firms reduced their staffing numbers at the fastest pace since March 2021.

On the price front, input price inflation was lower than in November and the least marked in 21 months.

Suppliers' delivery times lengthened substantially due to general issues in supply chains and, to some extent, because of poor weather conditions.

Demand conditions are expected to improve over the course of 2023, which supports confidence in year-ahead activity forecasts.

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