Construction sector continues to grow rapidly, according to report

Construction continued to grow rapidly last month though not as fast as in January.

The Ulster Bank Construction PMI report also shows that housing activity reached a 10-month high in February.

It means that there has now been four and a half years of continuous expansion for Irish construction firms, with nearly two-thirds of firms predicting that they will continue to grow in the coming year.

Commenting on the survey, Simon Barry, Chief Economist Republic of Ireland at Ulster Bank, noted that: “Building on the very positive start to the year noted in last month’s report, the February results of the Ulster Bank Construction PMI survey indicate that Irish construction firms continue to report very rapid expansion.

"Particularly encouraging was a further acceleration in Housing activity where growth picked up to a ten-month high, leaving it as the strongest performing sub-sector last month.

The February results mark four and a half years of continuous expansion among Irish construction firms, and forward-looking elements of the survey suggest that near-term prospects remain positive.

"Sentiment rose to an eight-month high and was one of the strongest readings since the survey began over seventeen years ago, with over 60% of firms anticipating further activity gains in the coming twelve months.”

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