Business conditions at Irish construction firms worsened again in February, although there were signs that the rate of deterioration eased since the previous month. Activity declined sharply, but the pace of contraction was the weakest in twenty-seven months. The Ulster Bank Construction Purchasing Managers’ Index (PMI) – a seasonally adjusted index designed to measure the overall performance of the construction economy – rose to 40.4 in February, from 36.1 in the previous month to signal a further substantial fall of activity in the sector. Lower new business was the main factor driving the reduction inactivity. However, the rate of decline slowed for the second consecutive month to its weakest since November 2007.