Ireland’s construction sector continued to expand strongly in November, underpinned by accelerated growth in new business, survey figures from Markit Economics showed Monday.
The Ulster Bank Construction Purchasing Managers’ Index dropped to 55.5 in November from 56.3 in the previous month.
However, any reading above 50 indicates expansion in the sector. Moreover, activity has now increased in each of the past 27 months.
All three monitored sectors continued to mark rises in construction activity. Commercial projects logged the fastest expansion during November. At the same time, both housing and civil engineering activity grew at weaker rates.
New orders climbed further in November and the latest rate of growth was the sharpest in five months.
Consequently, companies raised their staffing levels in November, with the rate of job creation quickened to the fastest since June.
On the price front, input prices increased again in November. The latest inflation rate was also above the series average.
“Optimism levels among firms rose for the second month running and now stand at the third-highest in the survey’s fifteen-year history, Simon Barry, Chief Economist Republic of Ireland at Ulster Bank, said.
“A pick-up in enquiries and an improving economic environment more generally are contributing to bullish sentiment among construction firms as the year draws to a close, with two-thirds of respondents expecting activity to increase over the coming twelve months.”
The material has been provided by InstaForex Company – www.instaforex.com