According to Timetric, infrastructure construction in Ireland is expected to record a CAGR of 1.03% in 2013 – 2017. Although, overall, the Irish construction industry experienced a CAGR of -28.25% in 2008 – 2012, a low benchmark interest rate, transport programmes and government initiatives to boost economic growth will spur infrastructure construction in the coming years.
Between 2008 and 2012, industrial construction recorded a CAGR of -31.36%, as it felt the impact of the economic crisis and the negative effect this had on exports and the manufacturing industry. Residential construction had a CAGR of -29.37% during the period. Accounting for 34.7% of total construction output in 2012, residential construction is the largest construction market in Ireland. However, growth has been hampered by austerity measures and the difficulty first time buyers have encountered when attempting to secure a mortgage. Commercial construction was hit hardest in 2008 – 2009, registering a CAGR of -32.93%, due to low consumer spending and commercial uncertainty in the face of government cuts and a weak economic outlook.
Adapted from press release by Louise Fordham.
Read the article online at: https://www.worldcement.com/europe-cis/27032013/ireland_construction_sector_activity_935/