The decline in activity was most notable in the residential sector, said report author John McCartney, director and head of research at BNP Paribas Real Estate Ireland. Photograph: Dara Mac DonaillActivity in Ireland’s construction sector fell for a second month in a row in July amid sharply rising costs and a drop-off in demand. However, BNP Paribas Real Estate Ireland said that there are signs that inflation has peaked with the latest rise in prices the softest on record since April 2021.
The decline in activity was most notable in the residential sector, said report author John McCartney, director and head of research at BNP Paribas Real Estate Ireland. Housing activity declined “substantially” in July, Mr McCartney noted, following an only marginal fall in June. Commercial projects saw the slowest fall in activity but the rate of contraction was still “marked overall” and accelerated from June to July.