Irish construction activity reached a seven-month high in February, according to Ulster Bank’s latest purchasing managers’ index (PMI) for the sector.
Activity accelerated sharply on January’s pace of growth, with the index posting a headline reading of 60.5 versus 54.6 in the previous month. Anything above 50 indicates expansion. The residential area was particularly strong.
“The housing PMI picked up to its highest level since May of last year pointing to a welcome strong start to 2019 for housing construction,” said Simon Barry, Ulster Bank’s chief economist for the Republic of Ireland.
“Encouragingly, respondents reported a marked pick-up in new business, with the new orders index rising to a very elevated reading … marking an eight-month high. In turn, strong activity and order flows continue to underpin robust demand for construction workers, with the pace of job creation matching a seven-month high in February,” Mr Barry said, adding sentiment was “solidly positive”.