Construction is a rapidly growing sector in Ireland.
The new construction industry is set to add a further $8.3 billion to Ireland’s GDP over the next decade, according to the latest estimates by the Irish Statistics Office (ISO).
Construction is set at an estimated $12.7 billion by 2021, with the next peak expected to be around $20 billion in 2024.
The Irish government’s latest national investment strategy (NIS) for 2021-2023 includes a commitment to invest $20bn in new construction, including the $8 billion in new buildings in Ireland, which is expected to increase the country’s GDP by about $9.4 billion in 2021-22.
The investment strategy also includes an investment in the new infrastructure sector, with a commitment of $2.8 billion to upgrade the National Rail Link in Co Limerick and a further investment of $4.7bn in the National Bridge and Tunnel Authority.
The ISO’s latest figures also show that the Irish economy is expected a record $16.7 trillion by 2021-23, with GDP expected to grow by about 2.6 per cent over the same period.
Construction is a growing sector, particularly in Ireland but it has been under-represented in recent years, according the ISO.
Over the past 20 years, there has been a sharp increase in the number of buildings constructed and there are currently more than 30,000 new buildings under construction across the country.
The industry has also been growing, with new buildings and offices set to grow at an average of 2.5 per cent annually.
The number of new construction jobs in Ireland rose by 4 per cent last year, while the number working in the industry fell by 2.4 per cent, the ISo said.
The latest figures showed that there were 8,946,000 jobs in the construction sector, which represents 11.3 per cent of the Irish workforce.
The Government is currently undertaking a review of the sector’s future in order to identify opportunities and opportunities for further investment, with investment being focused on areas that have high growth potential.
It has also committed to supporting the sector through a review, with further information on that being released later this year.
The Minister for the Environment, Rural Affairs and Tourism, Brendan Howlin, said:”This is an important sector that provides vital jobs, investment and economic growth in the area of building.
It is a significant contributor to the Irish recovery and contributes to the success of our country.”
We want to build on this and create a country where everyone can live, work and play in their own home.
That is why we are reviewing the sector and making sure that we invest in the best possible infrastructure to ensure our communities have a strong, secure and resilient economy.