Property
Irish construction PMI survey confidence measure highest since 2000
By Finfacts Team
Dec 8, 2014 - 12:43 AM

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The Irish construction PMI (purchasing managers' index) survey confidence measure in November was the highest since 2000 according to a report Monday.

As polling data is not released, the comparison with June 2000 when the survey began, may not be valid.

Activity remained high according to panel firms as new orders and employment all rose sharply again. Business sentiment reached a new record high while cost inflation was the highest since March 2012.

The Ulster Bank Construction PMI – a seasonally adjusted index designed to track changes in total construction activity – registered at 63.5 in November, down from 64.9 in October but still signalling a substantial increase in construction activity in Ireland. Activity has now risen in each of the past 15 months.

Simon Barry, chief economist Republic of Ireland at Ulster Bank, said: “November was another strong month for the Irish construction sector, according to the latest results of the Ulster Bank Construction PMI survey. Activity continued to expand at a very solid rate last month, though at a slightly slower pace than in October. This brings the run of monthly activity gains to fifteen as the sector’s recovery continues to gain traction, albeit from the very depressed levels reached during the downturn.

“Activity trends are being underpinned by substantial increases in new business flows, with companies attributing the latest expansion to general improvements in the construction market and stronger economic confidence. Indeed, overall optimism among Irish construction firms improved sharply in November in reaching a new record high for the survey which began in June 2000. Almost three in four firms expect activity to increase over the coming year, reflecting perceptions that the broader economic environment is set to continue to improve.”

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