BNP Paribas Real Estate Ireland Construction PMI ®
January data was indicative of a back-to- back decrease in sub-contractor usage. The rate of reduction in sub-contractor availability subsequently softened and was the weakest since the current downturn first began in October 2020. That said, sub-contractor rates increased at an accelerated pace, much sharper than its series average. Meanwhile, the quality of sub-contractors continued to deteriorate in January, albeit at a softer pace than in December. Subcontractors
Subcontractors in short supply
Subcontractor Usage Index Aug ‘22 - Jan ‘23
Block Layers Carpenters Concrete Layers Ecologists Electricians Fabricators Geohydrologists
Mechanical Metalworkers Ornithologists
55
Plasterers Plumbers Visual Impact Specialists
50
45
Subcontractor Availability Index
Subcontractor Usage Index sa, >50 = growth since previous month
Subcontractor Availability Index sa, >50 = improvement since previous month
Aug ‘22 - Jan ‘23
55
20 30 40 50 60 70 80 90 '07 '09 '11 '13 '15 '17 '19 '21 '23
0 10 20 30 40 50 60 70 '07 '09 '11 '13 '15 '17 '19 '21 '23
50
45
40
Subcontractor Quality Index Aug ‘22 - Jan ‘23
Subcontractor Quality Index sa, >50 = improvement since previous month
Subcontractor Rates Index sa, >50 = inflation since previous month
55
30 35 40 45 50 55 60 65 '07 '09 '11 '13 '15 '17 '19 '21 '23
40 45 50 55 60 65 70 75 '07 '09 '11 '13 '15 '17 '19 '21 '23
50
45
40
Subcontractor Rates Index Aug ‘22 - Jan ‘23
45 50 55 60 65 70
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