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Financial News: Ireland Construction Sector Recovers In June

Ireland Construction Sector Recovers In June

07/13/2020 - 07:06:00 (RTTNews)

(RTTNews) - Ireland's construction sector expanded for the first time in four months in June, data from the IHS Markit showed on Monday.

The Ulster Bank construction Purchasing Managers' Index rose to 51.9 in June from 19.9 in May. Any reading above 50 indicates expansion in the sector.

"Mirroring the pattern of the headline PMI, all three sectoral sub-indices recorded sharp gains last month," Simon Barry, chief economist Republic of Ireland at Ulster Bank, said.

"Overall, the June PMI is an encouraging sign that the construction sector is now more clearly in recovery mode following the easing of restrictions which took hold during May," Barry said.

All three categories of activity increased in June. Housing activity and commercial activity expanded sharply, while civil engineering activity contracted at a softer pace.

New business declined for the fourth month in a row in June due to Covid-19 pandemic. Employment level declined sharply, albeit at a reduced rate.

Input buying expanded in June as the projects restarted and purchasing activity showed stabilization.

Input costs increased sharply in June, with the rate of inflation rising from May.

Confidence among the firms about the next 12 months continued to rise and firms reported a positive year ahead outlook for the first time in four months.

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