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Financial News: Ireland Construction Sector Deteriorates In October

Ireland Construction Sector Deteriorates In October

11/14/2022 - 01:25:00 (RTTNews)

(RTTNews) - Ireland's construction activity logged a renewed contraction in October amid subdued demand conditions, after returning to growth in September, survey results from S&P Global showed on Monday.

The headline BNP Paribas Real Estate Ireland construction Purchasing Managers' Index dropped to 47.4 in October from 50.2 in the previous month.

Any reading below 50 indicates contraction, while a score above 50.0 suggests expansion in the sector.

A decrease in total construction activity was attributed to the softening demand, price pressures, and supply shortages.

Within the three sectors, a renewed fall was observed both in housing and commercial activity, while civil engineering activity declined for the eighth consecutive month.

New orders dropped marginally in October and in turn, firms scaled back their purchasing activity for the fifth month in a row.

On the price front, cost inflation remained elevated in October due to higher raw material prices.

On a positive note, employment continued to increase and business confidence strengthened to an eight-month high amid expectations that it will recover over the coming year.

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