Value of construction projects slumps by 20%

The authors of a new report into the health of the construction sector claim the industry remains in recovery mode, despite noting a 20% annualised drop in the value of building projects commenced during the first quarter of this year.

New data published by consultancy group Building Information Ireland puts at just under €1.36bn the value of construction projects — over all aspects from residential and commercial to industrial and social — started during the first three months of 2015. This figure is down by €333m on the €1.69bn measured for the same period last year.

However, a 42% year-on-year increase — to nearly €3.7bn — was noted in the value of projects at planning application level, which augurs well for the future.