The Irish construction sector continued to register growth of activity during August leading to increases in both purchasing activity and employment, according to a The Ulster Bank Construction Purchasing Managers’ Index (PMI)
Ulster Bank PMI is designed to track changes in total construction activity, posting 58.4 in August, well above the 50.0 no-change mark.
That said, the reading was down from 61.0 in July and thereby pointed to a weaker pace of expansion.
August’s index indicates that construction activity has now increased on a monthly basis throughout the past three years.
Simon Barry, Chief Economist Republic of Ireland at Ulster Bank, commenting on the survey said;
“The latest results of the Ulster Bank Construction PMI survey indicate that there was a further solid rise in activity at Irish construction firms in August. The pace of growth eased modestly relative to July, but the August reading of the headline PMI index – at 58.4 – still remains very comfortably in expansion territory.”
“Indeed, August marked the 36th consecutive month of expansion, highlighting that a sustained uplift has been underway for three full years now at Irish construction firms. Commercial activity was again the best-performing sub-sector, despite some easing in growth compared to July.” He added.
The Index highlights that housing and commercial activity increased substantially in August with the rise in residential activity the sharpest since March.
Meanwhile civil engineering activity decreased during August, ending an 11-month sequence of growth.