The protracted construction slump at the heart of Ireland’s economic downturn has entered its fifth year, according to the latest Ulster Bank construction purchasing managers’ index.
The seasonally adjusted index, which tracks changes in the construction sector, showed building activity dropped to 40.5 in June from 41.1 the previous month.
A reading below 50 indicates a decline in activity. Last month’s figure – the lowest recorded since last May – indicated the sector was moving further away from recovery. Activity levels have fallen for 48 consecutive months, since June 2007, meaning the downturn in construction is now officially in its fifth year. Last month’s decrease was linked to sharper-than-expected decline in new business orders.
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