Irish Construction: Sharp falls in activity and new business are reflected in Ulster Bank PMI data for September, which show that conditions in the Irish construction sector deteriorated further, and at a steeper rate than in August. Activity and new orders contracted sharply. Average vendor performance improved at a record pace, and panellists reported lower input prices for the first time in five years. The future outlook for the sector remained negative. The Ulster Bank Construction Purchasing Managers’ Index (PMI) – a seasonally adjusted index designed to measure the overall performance of the construction economy – posted 32.2 in September, pointing to a steeper contraction than in August. The fall was the third fastest since data were first collected in June 2000, as the continuing wider economic downturn had a negative impact on the sector.