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10/06/2008
Ulster Bank Points To Another Construction Low
The construction industry's performance hit another record low last month, according to figures released by the Ulster Bank.
May's Ulster Bank construction purchasing managers index (PMI) sunk to 33.9, the lowest ever reading for the sector.
This is a significant drop since last year's figures, which for May 2007 was a reading of 50.7.
Housing projects continue to be the worst performing area, with the influx of new work dropping faster, and at a sharper rate, than the previous month of April.
Civil engineering also sustained a reasonable decline, which could be attributed to the six year low in commercial activity.
The latest figures illustrate the trend of continual contraction in the market, which has been constant for the past 12 months.
Ulster Bank Economist Pat McArdle said despite a levelling-off in the housing sector in recent months, a fall in other construction projects is continuing to weaken the overall index.
"We maintain the view that while housing will remain in contraction for some time, any significant worsening is unlikely," said Mr McArdle.
Employment levels in construction also fell in May, with evidence suggesting a relationship between declining jobs and reduced output and lower order volumes. Adding to the continual monthly rise in unemployment, in the sector, during the last year.
Mr McArdle said: "The record low in employment mirrors weak new orders, indicating a poor outlook for construction activity in coming months."
"This is reflected in the sentiment of constructors, with almost a third of those surveyed of the view that activity over the next year will be even weaker," he added.
(PR/JM)
May's Ulster Bank construction purchasing managers index (PMI) sunk to 33.9, the lowest ever reading for the sector.
This is a significant drop since last year's figures, which for May 2007 was a reading of 50.7.
Housing projects continue to be the worst performing area, with the influx of new work dropping faster, and at a sharper rate, than the previous month of April.
Civil engineering also sustained a reasonable decline, which could be attributed to the six year low in commercial activity.
The latest figures illustrate the trend of continual contraction in the market, which has been constant for the past 12 months.
Ulster Bank Economist Pat McArdle said despite a levelling-off in the housing sector in recent months, a fall in other construction projects is continuing to weaken the overall index.
"We maintain the view that while housing will remain in contraction for some time, any significant worsening is unlikely," said Mr McArdle.
Employment levels in construction also fell in May, with evidence suggesting a relationship between declining jobs and reduced output and lower order volumes. Adding to the continual monthly rise in unemployment, in the sector, during the last year.
Mr McArdle said: "The record low in employment mirrors weak new orders, indicating a poor outlook for construction activity in coming months."
"This is reflected in the sentiment of constructors, with almost a third of those surveyed of the view that activity over the next year will be even weaker," he added.
(PR/JM)
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