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Financial News: Ireland Construction Sector Contraction Slows In September

Ireland Construction Sector Contraction Slows In September

10/12/2020 - 07:55:00 (RTTNews)

(RTTNews) - Ireland's construction sector deteriorated at a slower pace in September, data from the IHS Markit showed on Monday.

The Ulster Bank construction Purchasing Managers' Index rose to 47.0 in September from 44.0 in August. Any reading below 50 indicates contraction in the sector.

"The results of the latest Ulster Bank Construction PMI survey indicate that Irish construction firms continue to report that they face challenging circumstances at present," Chief Economist Republic of Ireland at Ulster Bank Simon Barry said. Commercial activity neared stabilization in September, while housing and civil engineering activity declined at a marked rates, albeit at a slower pace.

New orders declined at a softer pace in September.

The 12-month outlook for business activity declined to the lowest in four months in September and Brexit was also a factor dampening sentiment.

The supply chain disruption was evident in September and delivery time lengthened.

Input cost increased in September and the rate of inflation increased to the fastest since April last year. Purchasing activity fell for the second straight month.

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