Home construction slows 16.2 percent in three months to September

Residential construction activity fell by 16.2 percent between July and September compared to the previous three months.

Residential construction also fell 2.8 percent quarter-over-quarter, the Central Statistics Office said today.

Civil engineering — the construction of highways and other infrastructure such as water projects or power lines — has recovered to pre-pandemic levels, up 10.3 percent in the third quarter compared to the second.

Overall, the volume of construction activity is still 12.3 percent below pre-pandemic levels.

However, the value of work done is up 6.1 percent since the third quarter of 2019.

Construction activity – including residential and non-residential but excluding civil engineering – is down 15.4 percent from pre-pandemic levels.

The CSO data comes on the same day that AIB announced a decline in its manufacturing index for the first time since the pandemic peaked in May 2020.

A sixth monthly drop in new orders has pushed production down, bringing Irish manufacturers in line with the euro-zone and the UK, where economic growth has already started to turn negative.

AIB Chief Economist Oliver Mangan said sentiment among manufacturers is at a two-year low “as fears of a recession mount.”

Davy Stockbrokers warned in a statement that the figures could portend future implications for Ireland’s economic growth.

“This poses a risk to our forecast that Ireland’s resilient export sector will keep GDP growth in positive territory in 2023,” Davy Stockbrokers said in a note.

All official forecasts suggest that gross domestic product – often distorted by the large multinational sector – is slowing but sure to stay in positive territory at over 3 percent next year

However, domestic economic growth is expected to slow to near zero, according to government forecasts.

https://www.independent.ie/business/irish/home-building-slows-162pc-in-three-months-to-september-42188143.html Home construction slows 16.2 percent in three months to September

Fry Electronics Team

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