Financial News: Irish Construction Activity Remains In Contraction

Irish Construction Activity Remains In Contraction

11/11/2024 - 01:43:00 (RTTNews)

(RTTNews) - Ireland's construction sector contracted for the second straight month in October despite strong growth in housing activity, survey results from S&P Global showed on Monday.

The headline BNP Paribas Real Estate Ireland Construction Purchasing Managers' Index rose to 49.4 in October from 49.0 in September. However, any score below 50 indicates expansion in the sector.

Among monitored categories, housing activity grew at the fastest pace since May 2022, while commercial projects decreased solidly.

New orders showed their first decline in eight months amid signs of a market slowdown. Nonetheless, the overall decline was only marginal.

Price pressures remained sharp in October, while employment rose for the second month running, and at a modest pace.

Looking ahead, firms expressed optimistic expectations about future output amid hopes of a renewed increase in new orders and confidence in housing demand.

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