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Ireland Construction Growth Remains Strong

Ireland's construction activity continued to expand strongly in February, though the rate of expansion eased since January, survey data from IHS Markit showed Monday.

The Ulster Bank construction Purchasing Managers' Index fell to 59.2 in February from 61.4 in January. However, any reading above 50 indicates expansion in the sector.

"The February results mark four and a half years of continuous expansion among Irish construction firms, and forward-looking elements of the survey suggest that near-term prospects remain positive," Simon Barry, Chief Economist Republic of Ireland at Ulster Bank, said.

Among three monitored categories, the fastest growth was on housing projects. Commercial activity also grew markedly, while civil engineering activity registered a moderate increase.

New orders increased sharply, with the rate of growth little-changed from January's six-month high.

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