Titan Construction Insurance notes that that Irish sector is continuing to struggle. Indeed, in the first quarter of the year, the construction sector contracted further, albeit at a slower pace than before.
Titan believes that there is some hope coming back to the Irish construction sector, with the number of new orders showing a degree of stabilisation.
The optimism originates from the latest report which looks at activity in the construction sector and it comes from the Ulster Bank Construction Purchasing Managers’ Index (PMI) which rose from 45.8 in February, to 46.7 in March.
The worst performance came from the civil engineering sector which saw activity reduce dramatically, whilst there was some hope in the commercial sector.
Chief Executive Officer of Titan Construction Insurance, Basil Tsapralis, said:
“We take a close look at Ireland and watch for how their construction sector is performing in relation to ours. Both are struggling at the moment and both need the boost of a genuine worldwide recovery. Plus, the problem for both sectors is that companies are having a hard job maintaining the level of jobs, which means that staff are being laid off and lost.
“We’ve said for a long time now, that this is the crucial problem with the current situation. So many skills are being lost, that when the recovery begins in earnest, then we will find it difficult to have the necessary resources.”
Titan Construction Insurance is known throughout the UK for its high levels of customer service and its very competitive pricing.