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09/06/2008
CSO Reports Construction Jobs Plunge
The Irish Central Statistics Office has reported an employment plunge, in the construction industry, during the first quarter of this year.
The CSO has pointed to lower activity in the industry for the drop. This has been attributed to reduced order volumes in May which, according to the Office, is linked to a falling domestic demand.
This is the fourteenth successive month when data has indicated a slump in new orders. May was the third consecutive month of acceleration in the rate of decline, creating a record trend for the survey.
The CSO's figures are supported by the Ulster Bank's latest findings in its construction purchasing managers index.
According to the index, there was a slight rise in the prices paid for inputs during May, but this was at a non-notable pace.
Higher fuel prices have lead to increase cost for some firms, according to the index, which could indicate possible reasons for falling unemployment reported by the CSO.
However, some firms suggested that competition amongst suppliers had led to a reduction in input prices, in certain cases.
Other input buying declined, hinting at a cut back in costs by firms. This is also due to a general reduction in workload.
This has resulted in purchases falling for the thirteenth consecutive month, the sharpest pace in the index's history.
According to both reports pessimism in the industry, regarding growth, is being fuelled by the shortage of new work for tender.
For more detail on the Ulster Bank’s report see: See: Ulster Bank Points To Another Construction Low
(PR/JM)
The CSO has pointed to lower activity in the industry for the drop. This has been attributed to reduced order volumes in May which, according to the Office, is linked to a falling domestic demand.
This is the fourteenth successive month when data has indicated a slump in new orders. May was the third consecutive month of acceleration in the rate of decline, creating a record trend for the survey.
The CSO's figures are supported by the Ulster Bank's latest findings in its construction purchasing managers index.
According to the index, there was a slight rise in the prices paid for inputs during May, but this was at a non-notable pace.
Higher fuel prices have lead to increase cost for some firms, according to the index, which could indicate possible reasons for falling unemployment reported by the CSO.
However, some firms suggested that competition amongst suppliers had led to a reduction in input prices, in certain cases.
Other input buying declined, hinting at a cut back in costs by firms. This is also due to a general reduction in workload.
This has resulted in purchases falling for the thirteenth consecutive month, the sharpest pace in the index's history.
According to both reports pessimism in the industry, regarding growth, is being fuelled by the shortage of new work for tender.
For more detail on the Ulster Bank’s report see: See: Ulster Bank Points To Another Construction Low
(PR/JM)
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The growth in Ireland's construction sector has reached a five-month high following a surge in activity in December, it has been reported. According to the latest Ulster Bank Construction Purchasing Managers Index (PMI), which is a seasonally adjusted index to follow changes in total construction activity, it increased from 55.
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