Statistics show a booming Construction Industry
The multinational engineering company, Aecom, announced their annual review for 2018. The statistics show the construction industry will continue to grow this year.
The Irish Construction Industry is set to grow by a rapid 14% this year, a rise of €19.5 billion. This increase is unexpected as the industry already had a massive increase of 18% in 2017.
Workers are becoming more of a demand in the construction industry. According to Aecom, workers from overseas and returning emigrants will be crucial to future employment growth in construction. Recruitment in the industry is a “challenge”.
Aecom calculated the cost of building a residential apartment at €1,600-€2,000 per square meter in the Republic and £1,000-£1,575 (€1,125-€1,773) in Northern Ireland for 2018.
They also mentioned that the industry has a lot of catching up to do. The housing, transport and utility infrastructure are growing at a slow pace but the future looks positive.
“The industry obviously collapsed but since 2012 there’s been five years of consistent growth,” said Aecom Ireland director John O’Regan. “But output in the industry is still significantly below the 12% of GNP which would be the norm for the construction industry. So while it’s very positive that there’s continued growth, and certain areas are flying ahead, there are also areas that need to catch-up, for example housing, infrastructure, transportation, utilities.”
Aecom expects the commercial market to remain the driving force of growth in the industry.
“In the 12 months passed and the 12 months ahead we will continue to see a lot of construction activity in that sector, which is great as it’s meeting the demands that are out there,” he said.
Clancon Build has seen this growth first hand over the last 5 years. It has never been more important to ensure you are hiring a good quality, reputable building company. Who will bring your project in on time and on budget.
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