Irish Construction Surging on in November
Published By : 08 Dec 2014 | Published By : QYRESEARCH
The Ulster Bank Construction PMI registered at 63.5 in November. This number is down from October’s 64.9, but is still high enough to be considered as extremely promising. It signals a substantial increase in construction activities in Ireland.
Business sentiment attained a new height in the midst of optimism regarding the Irish economy. There were signs of high confidence created by a series of records in construction firms in November. Sentiment had registered a marked improvement that overtook the previous record witnessed in April. Experts hope that the growing Irish economy can be expected to improve even further over 2015, thereby supplying greater opportunities in growth.
Chief economist of Ulster Bank, Simon Barry, said that November showed itself to be a strong month for the construction sector in Ireland, as recorded in the latest results of the Ulster Bank Construction PMI index.
Barry also said that the activity had continued to expand at a positive rate in November and can certainly be expected to show more growth in 2015. Although the pace was slightly slower than the indices in October, the current rate of growth is still sufficient for the country to gain traction after the economic meltdown.
He also said that the activity trends are showing substantial increases in new business flows. Companies are attributing the latest expansion to general improvements in the market and an improved economic confidence.
All three sections of the Irish construction industry saw growth for a second consecutive month. The sharpest growth rate was exhibited by commercial projects.