Construction in Ireland to Reach EUR 24.8B by 2023

Overview of the Irish Construction Industry

The Construction industry in Ireland has exhibited a sustained strength throughout recent years, and is anticipated to persist its favourable inclination over the upcoming period. This expansion is likely to be powered by an upturn both of public and private sector investment as well as observance of constant demand for housing. The Irish construction industry has been steadily advancing since 2013 - progressing from EUR 16,721 million that year up until EUR 22,717 million in 2018 - with estimations suggesting further growth at a rate of 7%.

It has been estimated that the Irish construction industry will grow by 2% each year over the next five years, with a compound annual growth rate of 5%, which would result in it reaching €24,839 million by 2023. Government initiatives such as 'Rebuilding Ireland' have had an extremely positive impact on this sector; these projects are designed to improve social infrastructure and address issues relating to homelessness and housing shortages, meaning they act as stimulants for economic activity within the construction industry while also creating jobs. Private investment levels too have seen increases across different parts of Ireland due to major investments like Apple's data centre project near Athenry.

It is anticipated that such investments should furnish numerous possibilities for contractors seeking employment within a assortment of marketplaces, comprising residential construction activities or major industrial schemes like data centres or factories.

With respect to material costs, it is noted that steel prices have increased due to rising global demand whereas timber product prices remain stable thanks to good availability on local markets. Nonetheless, there are certain apprehensions concerning this situation owing to the instability caused by Brexit negotiations which could potentially disrupt the supply chain coupled with other external factors like currency fluctuations between Euro and Sterling. Additionally, costs related to labour have also been mounting since 2017 chiefly as a result of an increasing request for skilled workers particularly bricklayers , plasterers and electricians . In conclusion it can be said that current conditions are beneficial towards businesses undertaking activities within this sector provided they take into consideration potential hazards associated with external requirements such as Brexit negotiations or cost inflation brought about by shortages in labour.