Construction in Ireland on course for recovery

  • 11 years ago
  • Uncategorized

Ireland’s construction industry is beginning to show strength after the debilitating crash which saw projects across the country grind to a halt, reports. 

Ireland was among the worst affected by the financial crash, seeing property values plummet to a level where many new builds became almost worthless. As such, even large scale developments – which were just days away from being completed – ended up being abandoned. Even worse still, this came amid a huge property boom in Ireland, meaning there were a great many projects which ended up being hit. 

Now, with finances looking more settled and confidence starting to return, Ireland’s construction sector has started to report positive figures once more.

The Ulster Bank Construction PMI report recently showed that activity has risen at its fastest pace since January 2006. Meanwhile, employment in the construction sector made the huge leap from 6,400 to 102,700 – a 1,505 per cent increase.

With Ireland set to come out of its international bail out next month, Dublin is targeting rapid growth, with tax breaks thought to be just one of the methods expected to be put in place by the next Budget announcement.

“We are finally seeing encouraging signs of recovery in housing and commercial construction activity,” Ulster Bank economist Simon Barry told “The rate of increase in new business levels in construction suggests ongoing expansion in the sector.”

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