In the latest report on construction activity, the sector faced its fourth consecutive monthly contraction in output.
The Construction Total Activity Index, adjusted for seasonal variations, indicated a solid pace of decline, faster than that observed in September but less severe than the contractions experienced over the summer.
A survey involving 150 construction firms revealed a general slowdown in market conditions, with rising input prices contributing to a marked increase in overall expenses for October. BNP Paribas Real Estate Ireland's Director and Head of Research, John McCartney, attributed the residential activity slowdown to a rise in completions outpacing commencements.
However, he highlighted the surprising expansion in commercial activity, pointing to delayed Dublin office space projects.
While the medium-term outlook for residential construction looks promising, the commercial sector faces a downturn in speculative office starts.
Despite the overall contraction in the construction index, the commercial index returned to marginal growth in October, ending a three-month decline.
Employment in the sector continued to grow, with optimism for the future tempered by concerns about a potentially weaker economic climate impacting construction activity.
The State Housing Agency's recent figures for August showed a positive trend, with construction beginning on 2,770 homes, the highest number in August in the past five years.
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