Ireland Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2027
Summary
GlobalData expects the construction industry in Ireland to shrink by 2.6% in real terms in 2023 and 1% in 2024, owing to headwinds caused by high inflation, hikes in interest rates, and elevated construction material prices. According to the Central Statistics Office (CSO), the average wholesale price index (excluding VAT) for building and construction materials rose by 9.2% year on year (YoY) in the first eight months of 2023, following overall annual increases of 17.5% in 2022 and 8.5% in 2021. Residential construction, which accounted for 39.5% of the Irish construction industry’s total output in 2022, is expected to be the hardest-hit sector in the initial part of the forecast period, owing to subdued investor confidence amid falling dwelling permits and residential property transactions. According to the CSO, the total number of planning permissions granted for dwellings fell by 24% YoY in the first half of 2023, following overall annual fall of 16.4% in 2022.
The industry is however expected to rebound at an average annual growth rate of 4.3% from 2025 to 2027, supported by investments in transport and energy infrastructure projects. According to the ‘Summer Economic Statement’, which was signed off by the Irish Cabinet in July 2023, the government plans to increase core public expenditure by EUR5.2 billion ($5.3 billion) in 2024, marking an estimated 6.1% annual increase in core public spending. To accelerate the delivery of enhanced infrastructure, the government will utilise EUR2.3 billion ($2.3 billion) of windfall receipts for infrastructure projects from 2024 to 2026. A windfall tax receipt is a tax collected by the government from certain industries when economic conditions allow companies functioning in those industries to experience significantly above average profits.
The report provides detailed market analysis, information, and insights into Ireland’s construction industry, including -
- Ireland’s 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 Ireland’s 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 (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
- Identify and evaluate market opportunities using GlobalData'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 GlobalData's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
- 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
- 7 Appendix
- 7.1 What is this Report About?
- 7.2 Definitions
- 7.3 CRI Methodology
- 8 About GlobalData
- 9 Contact Us
- List of Tables
- Table 1: Construction Industry Key Data
- Table 2: Ireland, Key Economic Indicators
- Table 3: Ireland, Commercial Construction Output by Project Type (Real % Change), 2018–27
- Table 4: Ireland, Top Commercial Construction Projects by Value
- Table 5: Ireland, Industrial Construction Output by Project Type (Real % Change), 2018–27
- Table 6: Ireland, Top Industrial Construction Projects by Value
- Table 7: Ireland, Infrastructure Construction Output by Project Type (Real % Change), 2018–27
- Table 8: Ireland, Top Infrastructure Construction Projects by Value
- Table 9: Ireland, Energy and Utilities Construction Output by Project Type (Real % Change), 2018–27
- Table 10: Ireland, Top Energy and Utilities Construction Projects by Value
- Table 11: Ireland, Institutional Construction Output by Project Type (Real % Change), 2018–27
- Table 12: Ireland, Top Institutional Construction Projects by Value
- Table 13: Ireland, Residential Construction Output by Project Type (Real % Change), 2018–27
- Table 14: Ireland, Top Residential Construction Projects by Value
- Table 15: Ireland, Key Contractors
- Table 16: Ireland, Key Consultants
- Table 17: Ireland, Construction Output Value (Real, $ Million)
- Table 18: Ireland, Construction Output Value (Nominal, EUR Million)
- Table 19: GlobalData Construction Market Definitions
- Table 20: Risk Dimensions
- Table 21: Ratings, Scores and Definitions
- List of Figures
- Figure 1: Western Europe, Construction Output (Real % Change), 2021–27
- Figure 2: Ireland, Construction Output by Sector (Real % Change), 2021–23 and 2024–27
- Figure 3: Ireland, Risk Summary
- Figure 4: Ireland, Risk Regional Comparison
- Figure 5: Ireland, Construction Output Value (Real, $ Million, 2017 Prices and Exchange Rate), 2018–27
- Figure 6: Ireland, Construction Output Value, by Sector (Real, $ Million), 2018–27
- Figure 7: Ireland, Construction Value Add (EUR Million, 2015 Chained Linked Volume Measures)
- Figure 8: Ireland, Construction Production Volume Index, (2015=100)
- Figure 9: Ireland, Total Number of Planning Permissions Granted for Construction
- Figure 10: Ireland, Wholesale Price Index (Excluding VAT) for Building and Construction Materials, 2015=100
- Figure 11: Ireland, Gross Fixed Capital Formation, in 2015 Chain Linked Volume Measures, EUR Million
- Figure 12: Ireland, Construction Projects Momentum Index
- Figure 13: Western Europe, Construction Projects Momentum Index
- Figure 14: Ireland, Commercial Construction Output by Project Type (Real, $ Million), 2018–27
- Figure 15: Ireland, Commercial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 16: Ireland, Total Number, and Floor Area (In Thousands M2) of Planning Permissions Granted For Commercial Buildings
- Figure 17: Ireland, Overseas Arrivals (In Thousands)
- Figure 18: Ireland, Services Value Index (2015=100)
- Figure 19: Ireland, Retail Sales Volume and Value Indices, 2015=100
- Figure 20: Ireland, Industrial Construction Output by Project Type (Real, $ Million), 2018–27
- Figure 21: Ireland, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 22: Ireland, Total Number, and Floor Area (In Thousands M2) of Planning Permissions Granted For Industrial Buildings
- Figure 23: Ireland, Volume Indices of Industrial and Manufacturing Production, 2015=100 (% Change, YoY)
- Figure 24: Ireland, Manufacturing Value Add, in EUR Million, at Constant 2015 Prices
- Figure 25: Ireland, Value of Goods Exported, in EUR Billion
- Figure 26: Ireland, Infrastructure Construction Output by Project Type (Real, $ Million), 2018–27
- Figure 27: Ireland, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 28: Ireland, Total Number of Planning Permissions Granted for Road and Runway Construction
- Figure 29: Ireland, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2018–27
- Figure 30: Ireland, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 31: Ireland, Total Number of Planning Permissions Granted for Electricity and Communication and Water and Sewage Projects
- Figure 32: Ireland, Institutional Construction Output by Project Type (Real, $ Million), 2018–27
- Figure 33: Ireland, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 34: Ireland, Number of Planning Permission Granted for Government, Health, and Education Buildings
- Figure 35: Ireland, Residential Construction Output by Project Type (Real, $ Million), 2018–27
- Figure 36: Ireland, Residential Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 37: Ireland, Total Number of Planning Permissions Approved for Dwellings
- Figure 38: Ireland, Number of New Dwelling Completions
- Figure 39: Ireland, Residential Property Price Index (RPPI), 2015=100
- Figure 40: Ireland, Number of Residential Property Transactions
- Figure 41: Ireland, Headquarters of Key Contractors (% of Total Project Pipeline)
- Figure 42: Ireland, Headquarters of Key Consultants (% of Total Project Pipeline)
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