Ulster Bank’s Construction PMI moved up to 63.5 in April from 60.2 in March
Growth of activity and new business in the construction sector both reached multi-year highs in April as companies responded to increased workloads by increasing their staff numbers.
The Ulster Bank Construction PMI moved up to 63.5 in April from 60.2 the previous month. Any figure over 50 signals growth in a sector, while a figure under 50 signals contraction.
Ulster Bank noted that activity has now increased in each of the past eight months, with the latest expansion the fastest since December 2005.
The improvement in overall construction activity reflected substantial rises in both the residential and commercial projects, with rates of growth increasing in each case.
However, civil engineering activity continued to fall and the rate of decline was sharper than that seen in March.
“Taken together with the robust recent readings of the services and manufacturing equivalents, the much-improved trends in the Construction PMI provide clear evidence of the broad-based improvement that is now taking hold across both export-oriented and domestic-facing sectors of the Irish economy,” commented Ulster Bank’s chief economist Simon Barry.