- The Irish construction sector stabilized in August after three months of decline.
- Growth was driven by the commercial building sector, which saw its first increase in three months.
- The PMI for the construction sector rose to 50.0, indicating stagnation after months of decline.
Dublin, 9 September (FinanceFlashNews) – Activity in Ireland’s construction sector stabilized in August 2024 after three consecutive months of contraction, according to the latest data from S&P Global. The BNP Paribas Real Estate Construction PMI rose to 50.0, up slightly from 49.9 in July, signaling that the sector neither expanded nor contracted. This is the first time since April that construction activity has not fallen.
The commercial construction segment, which includes warehouses, retail spaces, and office buildings, was a key driver of this stabilization, marking its first growth in three months. In contrast, the residential construction sector, which had been growing for five consecutive months, stagnated in August.
New orders continued to rise, although the pace of growth slowed. July had seen the highest increase in new orders in over 2.5 years, indicating sustained demand in the sector.
| Indicator | August 2024 | July 2024 |
|---|---|---|
| Construction PMI | 50.0 | 49.9 |
| Commercial Building Growth | First increase in 3 months | Decline |
| Residential Construction Growth | Stagnation | Growth |
Keywords: Irish construction, PMI, commercial building, residential construction, S&P Global
