Growth in construction has slowed for a third month

The pace of growth across the construction industry has slowed for a third month but builders are still hiring staff at a substantial pace, according to a monthly tracking of construction firms, writes Eamon Quinn.

The Ulster Bank index, which asks purchasing managers what is going on in the three parts of their industry, showed that growth slowed to its lowest level for 29 months.

At 55.1, the reading in August was down from July’s 56.6, and although still above the 50 level that indicates expansion, “bears watching in the months ahead”, the bank’s chief economist in the Republic, Simon Barry, said.