The growth in the Irish construction sector accelerated sharply in April, as activity, new orders and employment rose at sharper rates, survey figures from Markit Economics showed Monday.
The Ulster Bank Construction Purchasing Managers’ Index rose notably to 57.2 in April from 52.9 in the previous month. Any reading above 50 indicates expansion in the sector.
The latest reading signaled a substantial increase in activity and the strongest in this year so far.
For the first time in three months, each of the three monitored construction categories recorded increases in activity in April. Civil engineering activity returned to growth, though the expansion was slight. Meanwhile, commercial and residential activity climbed at faster rates during the month.
New orders also increased for the twenty-second consecutive month in April, with the rate of expansion quickening for the second month running to the fastest since December.
Construction companies raised their payroll numbers in April, in line with higher new orders. Moreover, the rate of job creation quickened to the fastest since January.
On the price front, input prices rose further in April, driven by increased cost of imported items due to the recent weakness of the euro against both sterling and the US dollar.
The material has been provided by InstaForex Company – www.instaforex.com