Job losses in construction industry at fastest level for seven months

DECEMBER saw the fastest level of job cuts in the construction sector for seven months, after the harsh winter weather led to a further severe contraction in business activity levels.

The latest Ulster Bank Construction PMI (purchasing managers’ index) fell for the fourth consecutive month, down from 41.7 points to 40.6. The fall in activity was the strongest monthly dip since last May.

“The final reading of 2010 indicates that it was a weak end to another extremely tough year for the Irish construction sector,” noted Ulster Bank’s chief economist, Simon Barry.