DUBLIN: Building firms performed strongly in February, ending the slowdown that hit the construction sector at the end of last year. However, economists say growth in the sector is likely to cool later this year.
The Markit/CIPS Construction PMI rose from 59.1 in January to 60.1 in February, continuing the return to fast growth seen from the beginning of this year and registering the highest PMI reading since October.
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The latest survey by financial data provider Markit found that a resurgence in confidence and orders gave the building industry a lift after a drop to a 17-month low in December.
Survey respondents attributed the increasing output levels to strong workloads and growing confidence among clients.
Chris Williamson, chief UK economist at Markit, said: “The survey has recorded a remarkably strong spell of continuous growth since July 2013, fuelled initially by rising house building activity amid government incentives for homebuyers but rapidly becoming more broad-based as the wider economic recovery took hold. The latest data suggest that, while the pace of expansion has cooled since the peaks seen late last year, the recovery retains strong momentum.”
He said a return to strength in housebuilding and commercial construction activity were strong features of the February figures, alongside a more modest rise in civil engineering work.
