A new report from the Construction Industry Federation shows that over 10,000 extra workers joined the construction workforce last year, an increase of 8% on 2017. A recent CIF commissioned economic analysis forecast 9% annual growth on average for the construction industry, reaching €20billion output by 2020. © Copyright Irish Building Magazine. It was the sharpest fall in construction activity since Q1 2010. Irish construction and building news and industry analysis from the definitive brand of quality news in Ireland. (212) 419-8286 Micheál Mahon pointed out that with a combined output of over €25b annually, the construction sector is the backbone of our economic growth and attracts significant foreign direct investment into Ireland. GDP From … June 2015. If they are not seeing positive activity levels now, this will translate to a challenging year in respect of residential and non-residential building activity.”, Micheál Mahon continued: “The vast majority of surveyors who participated in the survey believe the pandemic will exacerbate the difficulties in raising development finance. The Zacks Building Products - Heavy Construction industry is a 13-stock group within the broader Zacks Construction sector. While we welcome the education and training measures announced in the July Stimulus, in Budget 2021 we would also welcome a tax relief for employers based on the cost of upskilling employees as a result of operational changes brought about by COVID-19.”. Government capital … The European construction market forecast has always been a complex task for analysts owing to the many different players in the region. They identified the viability of projects, access to bank credit, and cash flow / liquidity constraints as the top three issues contributing to difficulties in this area. Therefore, in areas where construction was deemed essential, work continued to progress. 2001-2020 Data | 2021-2022 Forecast | Calendar. When surveyed in February, 67% of the surveyors who took part expected to see an increase in workloads over the coming 12 months and only 8% expected to see a decrease. This statistic shows the number of people employed in the construction industry in Northern Ireland in 2018 and a forecast for 2022, by type of occupation. Irish construction picking up at fast pace After suffering a contraction during the economic crisis, the Irish construction sector is now rebounding with a more optimistic future outlook. Just 9% of respondents said that they are ‘well prepared’ for Brexit. Unfortunately, both have been badly hit by COVID-19 and that is why it is so important that the Government continues to invest in the strategic objectives as outlined in Project Ireland 2040.”, Sinead Lew concluded:  “At a national level, tackling the green agenda will be critical for generations to come and construction has a part to play. However, recent times have seen the European construction market on a path of steady growth. Download historical data for 20 million indicators using your browser. The residential and non-residential sectors decreased by 13.6 percent and 13.0 percent, respectively, while civil engineering works rebounded by 7.8 percent. The year on year change for the residential sector has seen a volume increase of 29.9 percent, non-residential building activity was also up with an increase of 12.9 percent, while civil engineering activity increased by 8.9 percent. In February, 77% of respondents had a somewhat positive or very positive outlook for construction market activity while 9% had a somewhat negative or very negative view. Ireland's construction output shrank by 10.0 percent from a year earlier in the third quarter of 2020, easing from a revised 33.9 percent contraction in the previous three-month period, as the COVID-19 related shutdown of construction sites was gradually lifted. Over two-thirds of surveyors expect a decrease in profit while seven out of ten hold a negative or neutral outlook for activity in the construction sector for the next 12 months. Additionally, while measures relating to COVID-19, such as increased sanitation facilities, PPE gear and training, will add to the bottom line, of greater concern are the costs of project delays, which will need to be monitored.”. Contact: Central Statistics Office Skehard Road, Cork T12 X00E, Ireland Construction in Ireland continues to boom, with all sectors showing significant growth. Publish your articles and forecasts in our website. Interesting Irish Construction Industry … The volume of output in building and construction in Ireland increased 14.6 percent year-on-year in the last quarter of 2019, following an upwardly revised 8.3 percent growth in the previous period, as both residential (31.2 percent vs 19.4 percent in Q3) and non-residential building activity (18.5 percent vs 9.7 percent) growth accelerated. “If the State was to embark on a large-scale public sector house building programme, it would help to address our chronic shortage of housing while also availing of softening construction costs.”, “Because of the long-term nature of construction projects, the sector places a huge value on economic certainty and consumer confidence. 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