Tentative signs are emerging that the flow of new construction projects is steadying, according to the latest Glenigan Index, after the sharp declines seen since the middle of last year.
A rise in the number of construction projects starting on site in May 2009 trimmed the year on year fall in the Glenigan Index to a 25 per cent year on year decline, compared to falls of 35 and 30 per cent year in March and April 2009 respectively.
Early leading indicators are even more encouraging. Construction projects going out to tender averaged 38 per day in May 2009 compared with a February 2009 low of 30 projects per day.
This is a 27 per cent increase on the back of a sharp fall over the previous 18 months.
The majority of the new work has been smaller public sector projects and jobs associated to major Government projects.