Financial News: Irish Construction Activity Nears Stabilization

Irish Construction Activity Nears Stabilization

08/12/2024 - 02:32:00 (RTTNews)

(RTTNews) - Ireland's construction sector contracted only marginally and neared stabilization in July on the back of a solid rise in housing activity, survey results published by S&P Global revealed Monday.

The BNP Paribas Real Estate Ireland Construction Total Activity Index rose to 49.9 in July from 47.5 in the previous month. A score below the neutral 50.0 mark indicates contraction, while a reading above 50 indicates expansion in the sector.

Housing activity grew for the fifth straight month in July, and at the steepest pace in three months. Meanwhile, commercial activity was broadly unchanged compared to June.

New orders rose at the sharpest rate since February 2022. Consequently, firms lifted their workforce numbers for the eighth successive month, though the pace of job creation was only marginal.

In response to higher new orders, constructors also increased their purchasing activity at the quickest pace in 28 months.

On the price front, input price inflation remained sharp and above the series average, despite easing slightly since June.

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