Eight-month high in construction
The Ulster Bank Purchasing Managers’ Index (PMI), which measures the output, order book and staffing level in construction firms, hit a level not seen since last summer. The construction industry has expanded every month since September 2003, Ulster Bank chief economist Pat McArdle said. “Fears that the construction industry would struggle to absorb a housing slowdown are not borne out by recent PMI reports.
“Housing activity, possibly influenced by bad weather, has contracted modestly in each of the past four months but total construction activity has accelerated to an eight-month high, influenced by a surge in commercial. The pace of the acceleration in the latter is striking — we have not seen the likes since mid-2005.”
