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Financial News: Irish Construction Activity Contracts Further

Irish Construction Activity Contracts Further

07/08/2024 - 03:18:00 (RTTNews)

(RTTNews) - Ireland's construction sector activity contracted for the second straight month in June amid a steep decline in commercial projects, survey results published by S&P Global revealed Monday.

The BNP Paribas Real Estate Ireland Construction Total Activity Index dropped to 47.5 in June from 49.8 in the previous month. A score below the neutral 50.0 mark indicates contraction in the sector.

The latest downward trend was driven by a renewed fall in commercial activity, ending a three-month sequence of growth. Civil engineering activity also logged a sharp decrease in June. On the other hand, hosing activity continued to rise at a solid pace.

Despite a reduction in total construction activity, new orders grew for the fourth successive month in June. Meanwhile, input price inflation rose to a 14-month high, linked to the combined efforts of rising supplier charges and geopolitical issues.

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