Home building slowed at most pronounced level of year so far in April
The headline PMI rate, which is calculated using a series of factors, stood at 48.4, down from 49.5 in March. The 50 mark separates growth from contraction, and the latest reading signalled the most pronounced reduction in Irish construction activity this year.
Nevertheless, April survey data signalled a sustained uplift in new order inflows at the start of the second quarter. But, with customers still reportedly cautious about market conditions, the increase was only marginal overall and historically subdued. Inflation of the rates charged by sub-contractors also quickened from March. This was despite the most sizeable worsening in their quality since the end of last year.
BNP Paribas director John McCartney said construction trends in April “maintained a pattern that has been in place since the start of this year”. Two “unwelcome developments” in April, according to Mr McCartney, were the sharper contraction in residential activity and a pick-up in input cost inflation.
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