Monday, October 14 07:38:09
Construction activity grew last month for the first time since 2007, the latest monthly survey of companies by Ulster Bank shows. The Ulster Bank Construction PMI index shows that the industry returned to growth last month on the back of an "accelerated" increase in new orders, the first time since May 2007 when the industry first entered a deep recession for the industry.
The index showed a reading of 55.7 in September, rising from 49.7 in August. Any figure above 50 signals growth in the industry, while a figure under 50 signals contraction according to RTE News.
Since 2007 the value of the industry's output fell by E30 billion a year to E8 billion, while employment has fallen from more than 350,000 to about 100,000. Ulster Bank noted that sentiment among construction firms about the 12-month outlook was one of the strongest in the history of the series. It said housing and commercial construction saw growth last month, but there were still declines in civil engineering projects.