Construction tender prices down 10.5%

New figures show that the dramatic falls in construction tender prices recorded in the second half of last year have accelerated to 10.5% in the first half of this year.

The new figures, which were published by the Society of Chartered Surveyors, in its latest Tender Price Index Survey, show that prices have now decreased by 17.3% over the last 12 months.

The dramatic fall off has been caused by the decline in all sectors of the construction industry including residential, commercial, public sector and civil engineering.

The President of the Society of Chartered Surveyors, Ken Cribbin said the current low prices provided the Government with an excellent opportunity to roll out key infrastructural projects while at the same time securing jobs and retaining skills within the construction sector.