Friday 23 August 2019

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Cork Independent

Home & Property

2018 saw major rise in construction workforce

Wednesday, 29th May, 2019 4:37pm

A new report has shown that 10,600 extra workers joined the construction workforce in 2018, up eight per cent year on year and bringing the total workforce to 145,500.

There was also a 20 per cent increase in investment in building and construction in 2018, with €26 billion invested during the year. The Construction Industry Federation (CIF) report shows that housing investment increased by 24 per cent in 2018, with 18,072 new housing units completed, an increase of 25 per cent on 2017 and 22,467 new housing units commenced construction in 2018, which is an increase of 28 per cent year on year.

Speaking at the CIF’s recent quarterly briefing in Davy’s, Jeanette Mair, CIF Economic and Policy Research Executive said: “CIF forecasts predict completions of new homes will increase to 23,000 in 2019 and 28,500 in 2020, with an increase in housing investment in 2019 of 20 per cent and further increase of 12 per cent in 2020.”

Mair added: “The report also shows that non-residential construction increased by 12 per cent in 2018, which has been driven by the commercial and FDI sectors. Due to the sheer volume of commercial building from 2015-2017, it is expected this growth will slow in 2019 and 2020 to seven per cent and six per cent respectively. Growth in the sector is expected to average 16 per cent in 2019, before moderating to 10 per cent in 2020. Even with growth moderating after 2020, the Department of Finance has predicted investment in the sector will increase to €41 billion by 2023.”

The report shows the cost of construction rose by 7.7 per cent in 2018 and is forecast to rise by 6.5 per cent 2019. These increases are being caused by the high demand for construction services, skill shortages and wage increases.

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