Irelands Construction Industry: Market to Shrink by 3% in Real Terms this Year.

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The report titled “Ireland Construction Market Size, Sector Analysis (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional, Residential), and Forecast 2023-2027” is now available on ResearchAndMarkets.com.

Anticipated challenges, such as rising interest rates and elevated construction costs, are expected to lead to a 3% contraction in the Irish construction industry in 2023. A decline in approved planning permits in 2022 suggests a weakening trend in output, with a 16.2% YoY decrease.

Despite conflicting data from the Central Statistics Office (CSO), the industry is projected to rebound from 2024 onwards, driven by potential economic improvements and investments in transport and electricity. The government’s Climate Action Plan aims to achieve 80% renewable energy in the electricity mix by 2030, while the National Development Plan (NDP) 2021-30 commits EUR165 billion ($165 billion) for diverse sectors over a decade, supporting forecasted industry growth.

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