DAVY VIEW

This morning's Irish Construction Purchasing Managers’ Index (PMI) at 48.4 signals another contraction in activity, despite small rises in employment, new orders and purchasing activity and firms still positive on the 12-month outlook. The PMI survey also revealed an unwelcome pick-up in input cost inflation. The weak homebuilding (42.8) component of the PMI survey is surprising given starts in Q1 2023 were up 5% on the year.