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Financial News: Ireland Construction Growth Slows In May

Ireland Construction Growth Slows In May

06/13/2022 - 05:28:00 (RTTNews)

(RTTNews) - Ireland's construction sector growth eased for the third straight month in May amid weakening demand and rising inflationary pressures, survey data from S&P Global showed on Monday.

The BNP Paribas Real Estate Ireland Construction Purchasing Managers' Index fell to 51.5 in May from 52.5 in April. Any reading above 50 indicates growth in the sector.

Commercial construction increased at a softer pace in the current thirteen-month sequence of growth in May, while housing activity rose sharply.

Meanwhile, civil engineering declined further, albeit at a softer pace.

New orders fell for the second consecutive month in May and new business decreased due to strong cost pressures.

The rate of input price inflation remained high, with the cost burden rising over the month. Sub-contractor rates increase at the sharpest pace on record.

"Conflict in the Ukraine and Covid restrictions in China ensured a further rise in materials costs during May," John McCartney, director & head of research at BNP Paribas Real Estate Ireland, said.

Business confidence weakened in May due to sharp rise in prices and sentiment decreased to the lowest level since October 2020. Firms have hopes that economic conditions will start to improve soon.

The rate of job creation quickened to the fastest since January.

Purchasing activity increased further in May, but the rate of expansion eased for the third month in a row.

Suppliers' delivery delayed in May due to material shortages, shipping issues, the war in Ukraine and Brexit.

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