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Financial News: Ireland Construction Sector Continues To Log Strong Growth

Ireland Construction Sector Continues To Log Strong Growth

07/12/2021 - 06:43:00 (RTTNews)

(RTTNews) - Ireland's construction activity continued to expand in June following loosening of the restrictions related to the coronavirus pandemic, survey results from IHS Markit showed on Monday.

The Ulster Bank construction Purchasing Managers' Index came in at 65.0 in June, down from 66.4 in May. Nonetheless, a score above 50 indicates expansion and the latest pace of growth was one of the strongest since the survey began 21 years ago.

Among three categories, housing continued to lead the expansion, while rates of growth in commercial and civil engineering activity accelerated marginally.

"While the signals of ongoing strength in activity are certainly encouraging, the rate of input cost inflation accelerated to a second consecutive record high as the June survey results highlight that the sector continues to face important supply-chain and cost challenges related to Brexit, covid and global supply and shipping problems," Simon Barry, chief economist Republic of Ireland at Ulster Bank, said.

New orders grew for the third straight month in June and firms raised their staffing levels and purchasing activity.

On the price front, the survey showed that input price inflation hit a record high in June largely due to Brexit and global supply issues.

Companies remained optimistic that activity will continue to rise over the coming year amid expectations that demand will expand as the economy reopens further.

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