The Ulster Bank Construction PMI jumped to 52.0 in December 2019 from 48.2 in the previous month. This was the first increase in construction output since August, amid reduced Brexit uncertainty. Housing activity rebounded following a first decline in almost 6-1/2 years in November (51.8 vs 47.7) and commercial projects grew faster (53.6 vs 51.2). In addition, civil engineering activity fell at softer rate, which was the weakest since last May (43.1 vs 36.4). At the same time, new orders returned to growth following declines in the previous two months; employment continued to grew solidly for the 76th straight month and input buying increased sharply. On the price front, input cost inflation slowed to a three-month low, despite marked overall, while selling prices went up further amid higher cost of oil, insulation and steel. Finally, sentiment hit a six-month high, supported by new projects in the coming months and lower uncertainty around Brexit. Construction Pmi in Ireland averaged 57.61 points from 2013 until 2019, reaching an all time high of 68.80 points in February of 2016 and a record low of 43.40 points in June of 2013. source: Markit Economics
Construction Pmi in Ireland is expected to be 50.20 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Construction Pmi in Ireland to stand at 52.90 in 12 months time. In the long-term, the Ireland Ulster Bank Construction PMI is projected to trend around 52.90 points in 2020, according to our econometric models.