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Aug 14 2023, 07:50 IST/BST
This morning’s Irish Construction PMI at 45.6 in July, signalling a fresh contraction after stability in June, is surprising. The readings are not consistent with the recent pick-up in housing starts. Also, firms expanded their employment in July and were still upbeat on the 12-month outlook. That said, higher interest rates will eventually weigh on fresh apartment projects and office development looks set to fall back sharply this year and next.