Construction sheds more jobs as sector in longest period of decline on record

CONSTRUCTION firms shed more jobs last month as the sector continued to battle through what has been the longest period of decline on record.

A marginal increase in new business was recorded, however, with many construction employers saying this time next year things won’t be as bad. Activity and employment both fell in August, extending the current periods of decline to 39 and 40 months respectively.

The Ulster Bank construction Purchasing Managers’ Index (PMI), which tracks changes in construction activity, remained below the no-change mark of 50 in August, signalling a further reduction of activity in the sector. However, the reading of 48.4 is up from 45 in July and indicated the rate of contraction was the weakest in the current sequence, which began in June 2007.