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.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

German GDP To Fall Slightly In Q1: Bundesbank (35 min(s), 42 sec(s) ago)
(RTTNews) - The German economy is likely to fall in the first quarter but the decline will be slow ...Full Story»

Major Central Banks Try To Stem Contagion After Credit Suisse Rescue (49 min(s), 42 sec(s) ago)
(RTTNews) - World's major central banks announced a joint effort to prevent the banking crisis ...Full Story»

UK House Prices Rise In March: Rightmove (01 hr(s), 04 min(s), 42 sec(s) ago)
(RTTNews) - After flattening in February, UK house prices increased in March due to a jump in the ...Full Story»

Eurozone Trade Gap Narrows In January (01 hr(s), 45 min(s), 42 sec(s) ago)
(RTTNews) - Euro area trade deficit narrowed at the start of the year as the pace of fall in impor ...Full Story»

Poland Industrial Output Contracts; Producer Price Inflation At 1-Year Low (02 hr(s), 19 min(s), 42 sec(s) ago)
(RTTNews) - Poland's industrial production declined for the first time in thirty-three months ...Full Story»

Taiwan Export Orders Continue To Fall In February (03 hr(s), 43 min(s), 42 sec(s) ago)
(RTTNews) - Taiwan's export orders continued to decline in February, data released by the Mini ...Full Story»

Germany Producer Price Inflation Eases To 15.8%, Lowest Since Sep 2021 (05 hr(s), 40 min(s), 42 sec(s) ago)
(RTTNews) - Germany's producer price inflation eased for the fifth straight month in February ...Full Story»

Malaysia Trade Surplus Shrinks To MYR 19.56 Bln (07 hr(s), 07 min(s), 42 sec(s) ago)
(RTTNews) - Malaysia's trade surplus decreased slightly in February, as imports grew faster th ...Full Story»