Construction firms show fastest growth in new orders in five months

Irish construction firms have recorded their fastest growth in new orders in five months, figures indicate.
The rate of job creation also picked up in November, according to Ulster Bank’s latest Purchasing Managers’ Index (PMI).
The index provides a monthly snapshot of activity in the construction sector in the Irish Republic.

Simon Barry, chief economist with Ulster Bank in the Republic of Ireland, said: “All three major sectors recorded expansion for the third month in a row, with the pace of activity picking up in commercial projects, and easing slightly in housing and civil engineering.
“Several other aspects of the detailed results provide encouragement about the sector’s performance at present. There was a notable acceleration in new business growth recorded by firms last month, with the new orders index picking up to a five-month high.
“Furthermore, the ongoing increases in current and prospective activity levels continue to underpin rising demand for construction workers, with the employment index also rising to its highest level since June.
“Finally, optimism levels among firms rose for the second month running and now stand at the third highest in the survey’s 15-year history.”