New figures show that activity in the construction sector grew at its slowest pace in almost three years last month, while the level of housing activity fell.
Ulster Bank's Construction Purchasing Managers' Index recorded 54.2 in November, down from 56.4 in October and the lowest figure since February 2004. Any figure above 50 means growth.
The housing component of the index fell from 53.3 to 47.6. Ulster Bank economist Pat McArdle said it appeared that housing supply and demand were easing, and this should underpin a soft landing in the market.
Mr McArdle said the Budget had removed the uncertainty about stamp duty and helped first-time buyers by doubling the mortgage allowance. But he said continuing increases in mortgage interest rates were likely to be a stronger influence.
The commercial and civil engineering indices recorded solid growth, at 56.2 and 56.5 respectively.
