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09/06/2014
Construction Activity Rises
The construction sector in Ireland has seen a sharp rise in activity, new orders and employment, according to the latest Purchasing Managers Index from Ulster Bank.
Recovery in the Irish construction sector continued in May, despite being slightly below April's figures. Housing activity decreased from 63.4 in April to 60.2 in May, while commercial activity fell from 63.6 to 61.4 and civil engineering activity from 41.8 to 47.9, the report said. Despite the easing, the figures still indicate optimism regarding growth in the coming year.
Commenting on the survey, Simon Barry, Chief Economist Republic of Ireland at Ulster Bank, noted that: "The latest Ulster Bank Construction PMI signals ongoing strong monthly growth of activity, with May’s headline reading only slightly below April’s near-record high. The recovery continued to be centred on housing and commercial activity, with both areas posting substantial rises again. However, there was some welcome news with regards to civil engineering activity, which decreased at the slowest pace since the end of 2007.
"The rate of growth in new orders also remained sharp despite easing from the previous month. Companies reported success in securing contracts for work both in Ireland and abroad and were confident that these trends would continue over the coming year, leading to further growth of activity during the next 12 months. This optimism encouraged firms to take on extra staff and raise their purchasing activity, in both cases at marked rates.
"Another notable aspect of the latest data was a sharp acceleration of cost inflation amid reports that suppliers have started to raise their charges in response to strengthening demand for inputs. Overall, the May data re-affirms the recent view of a sector on the mend."
(IT/MH)
Recovery in the Irish construction sector continued in May, despite being slightly below April's figures. Housing activity decreased from 63.4 in April to 60.2 in May, while commercial activity fell from 63.6 to 61.4 and civil engineering activity from 41.8 to 47.9, the report said. Despite the easing, the figures still indicate optimism regarding growth in the coming year.
Commenting on the survey, Simon Barry, Chief Economist Republic of Ireland at Ulster Bank, noted that: "The latest Ulster Bank Construction PMI signals ongoing strong monthly growth of activity, with May’s headline reading only slightly below April’s near-record high. The recovery continued to be centred on housing and commercial activity, with both areas posting substantial rises again. However, there was some welcome news with regards to civil engineering activity, which decreased at the slowest pace since the end of 2007.
"The rate of growth in new orders also remained sharp despite easing from the previous month. Companies reported success in securing contracts for work both in Ireland and abroad and were confident that these trends would continue over the coming year, leading to further growth of activity during the next 12 months. This optimism encouraged firms to take on extra staff and raise their purchasing activity, in both cases at marked rates.
"Another notable aspect of the latest data was a sharp acceleration of cost inflation amid reports that suppliers have started to raise their charges in response to strengthening demand for inputs. Overall, the May data re-affirms the recent view of a sector on the mend."
(IT/MH)
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