Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Activity in the Irish construction sector neared stabilisation in May, as new orders continued to grow, according to purchasing managers’ index survey data on Monday.
The headline seasonally adjusted BNP Paribas Real Estate construction total activity index rose to 49.4 points in May from 48.4 in April.
Any reading below 50 points indicates reduction in activity, so it demonstrates a very slight contraction. It was the eighth consecutive month where activity had fallen.
The improvement was down to a stronger uplift in commercial activity, while the decline in housing activity eased somewhat from the previous month.
‘While some firms mentioned that lower activity levels reflected slowing market conditions, others reportedly benefited from a pick-up in market demand. Indeed, the same factor reportedly supported a fourth consecutive uplift in new orders during May. The rate of increase was slightly stronger than in April, but still only marginal overall,’ the survey read.
Reflecting the increase in new orders, construction firms continued to increase staffing numbers, and also boosted purchasing activity.
The PMI was derived from the responses to a survey sent by S&P Global to 150 construction companies in Ireland, with results compiled between May 11 and 30.
Copyright 2023 Alliance News Ltd. All Rights Reserved.