Dublin, Sept. 06, 2023 (GLOBE NEWSWIRE) -- The "Ireland Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027" report has been added to ResearchAndMarkets.com's offering.
The construction industry in Ireland is expected to shrink by 3% in real terms in 2023, owing to headwinds caused by rising interest rates and high prices for construction materials and labor.
The fall in number of planning permits approved for construction in 2022 also suggests output levels will weaken in the coming quarters. According to the Central Statistics Office (CSO), the total number of planning permits granted for construction declined by 16.2% year on year (YoY) in 2022, owing to a fall in the number of permits granted for dwellings, other new construction (excluding dwellings), extensions, and alteration, conversion and renovation. Reflecting the surge in costs in recent quarters, the average wholesale price index (excluding VAT) for building and construction materials jumped by 17.5% in 2022.
The latest official statistics from the CSO on the construction industry have presented a confusing picture of recent trends. The construction industry's performance based on the CSO's national accounts data show the industry expanded by 14.4% in 2022 in real terms, while the CSO's Production in Building and Construction Index shows that the industry grew by just 2.0% in 2022.
The quarterly trends also show a marked difference in performance, with the industry contracting by 2.1% YoY in Q4 2022, following three quarters of double-digit growth, while the Production in Building and Construction Index showed a contraction of 10.9% YoY in Q4 2022 following a Y-o-Y drop of 1.7% in the previous quarter. The publisher has incorporated the trends from the Production in Building and Construction Index in the current analysis on Ireland's construction industry data.
The Irish construction industry is expected to improve from 2024 onward, assuming an improvement in the wider economy, and this will be supported by investment in the transport and electricity sectors. The government unveiled its Climate Action Plan (CAP23) in December 2022.
As part of the plan, the government aims to increase the share of renewable energy in the country's total electricity mix to up to 80% by 2030. Forecast-period growth in the industry will also be supported by investment as part of the National Development Plan (NDP) 2021-30 plan, which involves an investment of EUR165 billion ($165 billion) for different sectors in the country, over a time frame of 10 years
Scope
- Historical (2018-2022) and forecast (2023-2027) 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 the publisher's 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 the publisher's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-a-Glance
3 Context
3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 Risk Profile
4 Construction Outlook
4.1 All Construction
- Outlook
- Latest news and developments
- Construction Projects Momentum Index
4.2 Commercial Construction
- Outlook
- Project analytics
- Latest news and developments
4.3 Industrial Construction
- Outlook
- Project analytics
- Latest news and developments
4.4 Infrastructure Construction
- Outlook
- Project analytics
- Latest news and developments
4.5 Energy and Utilities Construction
- Outlook
- Project analytics
- Latest news and developments
4.6 Institutional Construction
- Outlook
- Project analytics
- Latest news and developments
4.7 Residential Construction
- Outlook
- Project analytics
- Latest news and developments
5 Key Industry Participants
5.1 Contractors
5.2 Consultants
6 Construction Market Data
For more information about this report visit https://www.researchandmarkets.com/r/wd1pb7
Source: GlobalData
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