Construction in Ireland - Key Trends and Opportunities to 2024

Construction in Ireland - Key Trends and Opportunities to 2024

  • July 2020 •
  • 48 pages •
  • Report ID: 5821586 •
  • Format: PDF
Construction in Ireland - Key Trends and Opportunities to 2024

Summary
The Irish construction industry expanded by 5.8% in real terms in 2019, driven by public and private sector investments in both building and civil engineering works. The country’s construction industry remained strong in Q1 2020 ahead of the COVID-19 crisis, with the seasonally adjusted construction production value index growing by 15.4% year-on-year (y-o-y), and the construction production volume index growing by 14.9% y-o-y, according to the Central Statistics Office (CSO).

Construction activities were affected by the temporary shutdown of most construction sites across the country in Q2 2020, in line with the nationwide lockdown restrictions, with an exemption to construction works which were considered essential.The Irish construction sector was the only one in the European Union to shut down completely amid the pandemic.

According to the Central Bank of Ireland, the industry’s activity is expected to fall by nearly 25% this year, as most of the construction work was halted for nearly two months.The disruptions caused to the Irish construction industry are reflected in the Ulster Bank’s Construction Purchasing Managers Index (PMI), which fell to a historic low in April 2020.

In a positive development, in April, the government announced a series of measures to ensure the delivery of Exchequer-funded capital projects under the Project Ireland 2040, which will provide some boost to the industry.Although construction sites re-opened in mid-May, the central bank expects the completion date of projects to be moved back by several months, as social distancing measures are weighing on productivity at some sites.

Furthermore, the slowing building permits will also weigh on the construction of new projects over the short and medium terms.

Reflecting the disruptions caused by the pandemic, coupled with a weak outlook for economic growth, the analyst forecasts the construction industry to contract by 9.7% in 2020. Over the remaining part of the forecast period, output is expected to register an average growth of 5.5% between 2021-2024. The sector’s output will be supported by the government’s investment on transport and housing infrastructure, and its focus on reducing greenhouse gas emissions in the country, which will attract public and private sector investment on renewable energy infrastructure projects.

This report provides detailed market analysis, information and insights into the Irish construction industry, including -
- The Irish construction industry’s growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Irish construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline

Scope
This report provides a comprehensive analysis of the construction industry in Ireland.

It provides -
- Historical (2015-2019) and forecast (2020-2024) valuations of the construction industry in Ireland, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants

Reasons to Buy
- Identify and evaluate market opportunities using standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
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