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Financial News: Ireland Construction Growth Rises In October

Ireland Construction Growth Rises In October

11/08/2021 - 02:38:00 (RTTNews)

(RTTNews) - Ireland's construction sector growth improved in October, survey results from IHS Markit showed on Monday.

The Ulster Bank Construction Purchasing Managers' Index rose to 56.9 in October from 56.3 in September. A score above 50.0 indicates expansion.

The overall growth was driven by commercial activity. Meanwhile, housing activity growth eased and civil engineering activity declined at a softer pace.

New business increased in October and staffing level expanded. The rate of purchasing activity eased to the lowest in six months.

The sentiment regarding the 12-month outlook improved in October.

Suppliers' delivery time lengthened in October. Input price inflation rose to record high in October.

"Having eased over the summer months following the post-lockdown snap back in activity in Q2, the headline PMI rose slightly last month, signalling a modest re-acceleration in the pace of overall construction activity growth at the beginning of the fourth quarter," Simon Barry, chief economist Republic of Ireland at Ulster Bank, said.

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