Construction activity picks up after five-month slowdown

CONSTRUCTION activity picked up in May after a five-month slowdown, according to a survey by Ulster Bank.

The new Purchasing Managers' Index (PMI) for the construction sector registered 55.5 in May, up from 54.4 the previous month and ahead of the 50.0 watershed that represents the difference between growth and contraction.

Ulster Bank chief economist Pat McArdle said the survey provided the first comprehensive picture of construction activity this year. "While the industry appears to be in good shape, the pace of expansion is much reduced from the exceptionally buoyant last quarter of 2004," he said.