Construction News

10/12/2007

Ulster Bank Index Tracking Shows Construction Contraction

November has been another poor month for the construction sector according to the Ulster Bank.

The bank's index tracking fell to 42 last month from 43.5 in October - that's the sixth consecutive monthly decline. A reading below 50 indicates contraction.

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Pat McArdle, chief economist at Ulster Bank, said today: "Builders seem to be finishing existing schemes but not taking on new work. November was another weak month."

Last week the Minister for Finance Mr Cowen reformed the stamp duty regime in a bid to restart the market.

A range of factors are said to be responsible for the slow down European Central Bank interest-rate rises and a affordability problems - the average house now costs up to 15 times earnings.

(GK/JM)

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