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Sharpest rise in employment since February in Ireland

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Staff Writer | December 13, 2016
Irish construction firms continued to record strong growth of activity during November, supported by a further sharp increase in new orders.
Irish construction
Ireland   Ulster Bank Construction PMI Report (RoI)
Rising workloads encouraged companies to up their rate of job creation and increase purchasing activity. Meanwhile, there were further signs of intensifying price pressures.

The Ulster Bank Construction Purchasing Managers’ Index (PMI) posted 59.8 in November, remaining well above the 50.0 no-change mark and thereby signalling a strong monthly rise in activity.

This was despite the index dropping from the seven-month high of 62.3 in October. Anecdotal evidence suggested that signs of improving economic conditions had helped lead to growth of activity.

Simon Barry, chief economist for Republic of Ireland at Ulster Bank, noted that: "Irish construction firms continued to record strong growth of activity during November, supported by a further sharp increase in new orders. Rising workloads encouraged companies to up their rate of job creation and increase purchasing activity.

"Meanwhile, there were further signs of intensifying price pressures. The Ulster Bank Construction Purchasing Managers’ Index (PMI) posted 59.8 in November, remaining well above the 50.0 no-change mark and thereby signalling a strong monthly rise in activity.

"This was despite the index dropping from the seven-month high of 62.3 in October. Anecdotal evidence suggested that signs of improving economic conditions had helped lead to growth of activity.

"Details across the main subsectors paint a mixed picture. There was a very encouraging further acceleration in residential activity which took the Housing PMI to its highest level since February, in the process leaving housing as the strongest performing activity category last month.

"This is further welcome evidence of sustained, solid expansion in an area where strong performance is badly needed given the housing supply shortfall.

"Commercial activity also continues to expand at a rapid rate, albeit that the pace of growth eased from October. Civil Engineering continues to underperform, however, with activity decreasing in November, having been unchanged last month."


 

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