Published Monday, 14 April 2014
The report said job creation in the construction sector has risen. (© Getty)
Ulster Bank chief economist Richard Ramsey said local private sector companies have seen a considerable rise in the number of new orders during the past 10 months.
There have also been sharper rates of job creation in manufacturing, services and construction.
Staffing levels at NI firms are said to be increasing at the fasted recorded pace since August 2002 - faster than at the UK level - and this, the report said, largely reflects increased workloads.
Mr Ramsey said: "It is clear that NI's private sector recovery is still firing on all cylinders."
The report outlined evidence of three successive quarters of strong growth, easing in March but with acceleration in new orders growth expected to continue for some time yet.
It said there has been some variance in performance by sector in the private sector - retailers for example posting a "significant slowdown" in growth of business activity - but added that the sector is nevertheless still expanding at a "healthy rate".
The chief economist explained: "The sustained period of business growth is feeding through into job creation with renewed vigour.
"Northern Ireland firms reported the fastest rate of employment growth of all the UK regions.
"On a quarterly basis, the first quarter of 2014 saw Northern Ireland's private sector employment expand at its fastest rate in seven years."
© UTV News