DUBLIN--(BUSINESS WIRE)--The "Construction in Ireland - Key Trends and Opportunities to 2025 (H2 2021)" report has been added to ResearchAndMarkets.com's offering.
The Irish construction industry is expected to decline marginally by 0.3% in real terms in 2021, compared to the previous forecast of a 3.7% growth. This downward revision is attributed to the second wave of the Coronavirus (COVID-19) pandemic, which damaged economic activity significantly. Due to the nationwide lockdown in place throughout the first quarter of 2021, the seasonally adjusted domestic demand declined by 5.7% quarter on quarter (QoQ) in Q1 2021. During this period, the government allowed only essential construction activities such as health and related projects, educational facilities, and social housing projects, with all-non-essential construction activity besides this being halted.
In the second quarter of 2021, however, the industry recovered on the back of the gradual receding second COVID-19 wave, recovery in economic activities and the gradual removal of restrictions on construction activity. According to Eurostat, the construction industry's value add grew by 29% year on year (YoY) in the second quarter of 2021, this was preceded by a Y-o-Y decline of 31.6% in Q1 2021 and growth of 0.9% in Q4 2020.
The construction industry is expected to remain on a path of recovery in the coming quarters, assuming no further COVID-19 restrictions, supported by government's investment on transport infrastructure. Moreover, the European Union's Recovery and Resilience Facility (RRF) is also expected to support the industry's expansion over the forecast period. In July 2021, the EU announced a plan to provide EUR1 billion (US$1.1 billion) to Ireland, under the RRF during the period of 2021-2022. Additionally, it will also provide EUR89 million (US$101.4 million) under the Recovery Assistance for Cohesion and the Territories of Europe (REACT-EU), and EUR85 million (US$96.9 million) from the Just Transition Fund during the period of 2021-2022.
Forecast-period output will also be supported by the government's investments in roads, housing, hospitals, and school projects. In October 2021, the government unveiled its 2022 Budget, with total gross expenditure of EUR82.8 billion (US$100.7 billion). Of the total expenditure, the government earmarked EUR71.7 billion (US$87.2 billion) towards current expenditure and EUR11.1 billion (US$13.5 billion) towards capital expenditure.
Over the remainder of the forecast period, the construction industry is expected to register an annual average growth of 6.4% between 2022-2025, supported by the government's investment in transport and housing infrastructure, as well as its focus on reducing greenhouse gas emissions in the country, which will attract public and private sector investment on renewable energy projects.
The 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.
This report provides a comprehensive analysis of the construction industry in Ireland. It provides -
- Historical (2016-2020) and forecast (2021-2025) 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.
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Listings of major projects, in addition to details of leading contractors and consultants
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 COVID-19 Status
3.5 Risk Profile
4. Construction Outlook
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/sb12ga
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