Irish Construction Sector Logs Strong Growth In February: Ulster Bank

(RTTNews) - Ireland's construction sector recorded further strong growth in February, helped by faster growth in new business, survey data released by Markit Economics and Ulster Bank showed Monday.

The seasonally adjusted purchasing managers' index (PMI) for the construction sector came in at 56.2 in February, staying above the no-change 50 mark for the sixth straight month. The outcome was little changed from January's score of 56.4.

The overall expansion was led by a further marked gain in residential activity. Commercial activity also picked up during the month, while engineering activity continued to fall at a sharp pace.

New business in the construction sector increased for the eighth consecutive month, and at a faster pace than in January.

Responding to the pick up in activity, firms raised their staffing levels for the sixth consecutive month in February. Meanwhile, inflationary pressures remained modest, having eased for the fourth successive month.

"Looking ahead, near-term prospects for the sector are supported by further growth in new orders as firms reported that better market conditions are generating stronger pipelines of new business," Ulster Bank economist Simon Barry said.