Ireland Construction Industry Analysis and Forecasts 2017 in New Research Report at RnRMarketResearch.com

Dallas, Texas (PRWEB) March 23, 2013

The Irish construction industry declined at a CAGR of -28.25% over the review period (20082012). All construction categories registered negative growth, largely as a result of the economic slowdown experienced after the financial crisis and austerity measures implemented by the government.

Residential construction is the largest construction market within the Irish construction industry, accounting for a 34.7% share of the industrys total output in 2012. However, the residential construction market was also one of the worst performing categories, recording a CAGR of -29.37% during the review period. Depressed economic conditions due to goverment austerity measures are making it difficult for Irish households to repay housing debt. Prospective buyers, especially those looking to get onto the property ladder, are also finding it difficult to secure mortgages without being asked to pay huge deposits.

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Commercial construction recorded a CAGR of -32.93% during the review period, the largest decline out of all construction markets in Ireland. The Irish retail sector has seen subdued levels of investment since 2008; fear of government spending cuts and tax hikes is discouraging businesses from making large investments. Consumer spending is cautious, owing to high unemployment, low wage growth and a depressed economic outlook.

Industrial construction recorded a CAGR of -31.36% during the review period, the second-largest decline out of all the construction markets in Ireland. Uncertainty in the global economy caused exports to decline, which affected the manufacturing industry in particular.

Infrastructure construction is expected to record a CAGR of 1.03% over the forecast period.

Factors including a low benchmark interest rate, various transport plans and government initiatives to try and stimulate the economy are expected to encourage growth in the market during this time.

The countrys budget deficit stands above the prescribed limit of 3%, which has forced the government to implement austerity measures including health and education sector cuts. Consequently, the institutional construction market is expected to record a slow CAGR of 0.06% over the forecast period.

Key Highlights

The Irish construction industry valued EUR10.9 billion (US$ 15.2 billion) in 2012, after declining at a CAGR of -28.25% over the review period (20082012). All construction categories registered negative growth, largely as a result of the economic slowdown experienced after the financial crisis and austerity measures implemented by the government.

Commercial construction recorded a CAGR of -32.93% during the review period, the largest decline out of all construction markets in Ireland. The Irish retail sector has seen subdued levels of investment since 2008; fear of government spending cuts and tax hikes are discouraging businesses from making large investments. Consumer spending is cautious, owing to high unemployment, low wage growth and a depressed economic outlook.

The countrys budget deficit stands above the prescribed limit of 3%, which has forced the government to implement austerity measures including health and education sector cuts. Consequently, the institutional construction market is expected to record a slow CAGR of 0.06% over the forecast period, to value EUR1 billion (US$ 1.4 billion) in 2017.

The Irish seasonally-adjusted standardized unemployment rate stood at 14.8% in 2012, while the budget deficit reached 8.2% of GDP in the same year. Moreover, the domestic demand for goods and services declined.

The government has announced real estate investment trusts and reduced VAT for the tourism sector in order to support the commercial construction market.

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