The Ulster Bank Construction Purchasing Managers’ Index® (PMI®) – a seasonally adjusted index designed to track changes in total construction activity – posted 58.3 in August, down from 60.7 in July but still pointing to a sharp monthly rise in construction activity. The current sequence of expansion has now been extended to five years.

Commenting on the survey, Simon Barry, Chief Economist Republic of Ireland at Ulster Bank, noted that: “Irish construction firms continued to experience very solid, though somewhat slower, growth in August according to the latest results of the Ulster Bank Construction PMI survey. The headline PMI eased back from what was an extremely elevated reading in July to stand at 58.3 in August, but this is still very much a level which signals ongoing rapid gains in activity.

“For the second consecutive month, all three sub-sectors registered positive growth, with Housing remaining the strongest performing category. While the Housing PMI pulled back a bit from what was one of its strongest ever readings last month, this month’s reading of 60.3 continues to point to very rapid expansion, and suggests that robust growth in housing output is being sustained though the third quarter following growth of over 30% y/y in housing completions in the first half of the year.

For a more extensive article see our September/October Issue of Irish Construction Industry Magazine available on subscription, contact Linda Doran