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Financial News: Ireland Construction Sector Slips Into Contraction

Ireland Construction Sector Slips Into Contraction

06/10/2024 - 02:16:00 (RTTNews)

(RTTNews) - Ireland's construction sector slipped into the contraction territory in May, ending a two-month sequence of expansion, survey results published by S&P Global revealed Monday.

The BNP Paribas Real Estate Ireland Construction Total Activity Index dropped to 49.8 in May from 53.2 in the previous month. A score below the neutral 50.0 mark indicates contraction in the sector.

The survey showed that work on housing and commercial projects continued to expand in May. In both cases, activity rose for the third straight month, but at softer rates than in April. New orders continued to increase in May. Employment grew for the sixth straight month in May but the rate of job creation slowed to the weakest in the current sequence of growth.

Input costs grew in May amid higher material prices. That said, the pace of inflation slowed to a four-month low. Meanwhile, companies reported an improvement in supplier performance for the first time in ten months.

Lead times on the delivery of inputs shortened moderately but to the greatest extent since October 2010.

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