The Irish construction PMI has fallen dramatically in March with a reading of 28.9, versus 50.6 in February.
Goodbody Stockbrokers say at this stage this reading is fairly rear-view mirror as COVID-19 has virtually ceased all construction activity in Ireland given the shutdown.
The decline in activity was widespread with all elements of the construction PMI contracting this month as Housing, Commercial and Civil Engineering Activity came in at 32.4, 28.2 and 25.2 respectively. Furthermore the forward looking indicators within the survey also painted “an extremely weak picture”.
According to Goodbody Stockbrokers, "Indeed as you would expect in this environment, new orders plummeted with respondents flagging the cancellation of projects as construction companies temporarily shut their doors. We believe that whilst a shutdown is in place Ireland, the construction PMI is virtually meaningless. However what we will be watching out for in the survey, is when the shutdown does eventually end, how quickly will activity ramp back up?"