Financial News: Ireland Construction Downturn Deepens In October

Ireland Construction Downturn Deepens In October

11/13/2023 - 01:54:00 (RTTNews)

(RTTNews) - Ireland's construction activity deteriorated for the fourth straight month in October, and at a faster pace amid a general slowdown in market conditions, survey results from S&P Global showed Monday.

The headline BNP Paribas Real Estate Ireland Construction Purchasing Managers' Index dropped to 47.3 in October from 48.6 in September.

Any score below 50 indicates contraction, while a reading above 50 suggests expansion in the sector.

Among monitored categories, housing activity continued to decline in October, while commercial activity returned to growth.

Employment increased for the tenth consecutive month, and the rate of job creation was solid and faster than that seen in the preceding survey period.

Construction companies showed an optimistic outlook over the next year amid hopes that new projects would be secured, thereby feeding into the growth of activity. Nonetheless, the corresponding sentiment dropped to a nearly one-year low.

On the price front, overall expenses increased markedly in October, though price inflation eased to a four-month low.

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