Irland Construction PMI

The BNP Paribas Real Estate Construction PMI in Ireland increased to 49.4 in October 2024 from September’s three-month low of 49.0. It was the second straight month of contraction in the sector, as commercial activity shrank faster (47.0 vs. 47.9 in September). Meanwhile, housing activity growth accelerated to its fastest pace since May 2022 (56.4 vs. 51.0). The latest reading signaled a market slowdown and a first reduction in new orders for eight months, although the decline in new business was only modest. Meanwhile, employment rose for the second consecutive month at a modest pace, broadly in line with September's rate. On prices, input costs rose sharply, with the pace of inflation ticking up and aligning with the series average. Finally, business sentiment improved, supported by ongoing hiring in the construction sector amid expectations of a renewed increase in new orders.