Price of construction project tenders up by 5.5%

The price of tenders submitted for construction projects is on the increase.

According to the Chartered Surveyors of Ireland, 2015 saw a rise of 5.5% on the previous year.

The organisation said it was positive news given that many companies had been offering below-cost prices in order to attract work.

Spokesperson Micheál Mahon said the change was down to two factors - material costs and capacity constraints leading to higher prices.

"While it's an increase of 5.5%, tender prices are still down at the year 2000 levels," he said.