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Financial News: Ireland Construction Sector Moves Closer To Stabilization

Ireland Construction Sector Moves Closer To Stabilization

03/13/2023 - 02:20:00 (RTTNews)

(RTTNews) - Ireland's construction sector moved closer to stabilization in February as new orders registered its first upturn since last March and employment posted a strong growth, survey results from S&P Global showed Monday.

The headline BNP Paribas Real Estate Ireland Construction Purchasing Managers' Index rose to 49.8 in February from 47.7 in January.

However, the reading has remained below the neutral 50.0 mark for the fifth successive month suggesting contraction in the construction sector.

The survey showed decreases in both housing and civil engineering activity in February. Nonetheless, the rate of contraction in housing activity eased to a four-month low and civil engineering activity fell at the slowest pace in eleven months. At the same time, commercial activity grew moderately in February, which was the first expansion since last September.

Driven by strengthening project pipelines and better underlying demand conditions, new business volumes increased for the first time since last March. Firms added more staff to meet rising demand and raised their purchasing activity. Nonetheless, there were again delivery delays.

The degree of optimism among contractors was the brightest in a year amid reports of improving project pipelines and increased client engagement.

On a negative note, the survey showed that cost pressures faced by construction companies worsened in February. The rate of cost inflation re-accelerated after two months of easing.

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