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Irish construction sector continues recovery

Irish construction sector continues recovery
Ireland's construction sector has continued its positive performance in recent months with latest figures showing further growth.

The Ulster Bank Construction Purchasing Managers' Index (PMI) recorded the total level of activity in November as 58.8, any figure above 50 indicates growth in the market. While it was not as high as the 59.4 recorded in October it still demonstrated that the construction sector is performing well following the economic downturn seen in 2008. It also represented the third consecutive month where activity had been on the increase.

However, despite the positive results the sector still has a long way to go before hitting the highs noted before the financial crash. The PMI showed that overall activity had a sparked a boost in job creation and also impacted on business outlook which has been improving steadily with confidence now at its highest level since the survey began in June 2000.

Simon Barry, chief economist Republic of Ireland at Ulster Bank, said: "The headline PMI index did fall slightly last month, but at 58.8 it remains well above 50, signalling solid ongoing expansion in activity levels.

"In keeping with the pattern of the last several months, the improvements are being underpinned by recoveries in both the housing and commercial arenas where activity has now increased in each of the past five and four months respectively."

Ireland's strong performance has complemented a similar story in the UK where the Markit/CIPS UK Construction Purchasing Managers' Index provided more good news for the industry. The report stated that over November the figures stood at 62.6, a rise from the the 59.4 in October. Officials stated that one of the driving forces behind the positive performance was the boost the housing market had given to the sector.

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Date: 09/12/2013 16:34:00

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