Building slows sharply in June - survey

Construction activity slowed for the first time in almost four years in June, according to the latest Ulster Bank Construction…

Construction activity slowed for the first time in almost four years in June, according to the latest Ulster Bank Construction PMI survey.

The bank's survey reported a "marked" fall in activity with new work down for the third consecutive month.

The activity index declined from 50.7 in May to 46.8 last month. A reading below 50 signals a decrease in activity.

"Despite the formation of a new Government and the removal of stamp duty uncertainty, overall construction contracted in June with all three components weaker and housing output particularly anaemic," said Pat McArdle, chief economist at Ulster Bank.

He said although housing weakness was not unexpected, the rate of contraction signalled was "exceptional".

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