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Construction Information Services (CIS) has published its Q2 2016 Construction Market Review.
The review provides a comparative analysis of the construction sector between Q1 & Q2 2016 and the same periods in 2015 and 2014. It also gives an insight into future planning pipelines for each sector.
In the report CIS looks at planning activity from both a sectoral and regional analysis of the country. Construction activity continues its positive trajectory which is reflected in its Q2 Construction Market Review data. The report information is supported by the recent announcement by Ulster Bank's PMI index for July, revealing an increase to 60.1, which is the 35th successive month where construction activity has increased.
The Construction Market Review continues to track the underlying trend for all regions and sectors, as significant developments in any particular sector can mask what is actually happening. Most sectors are showing a positive growth trend in both volume and value of projects either going On-Site, Plans being Granted or Submitted; the latter being the indicator for future pipeline activity. When CIS analysed projects being Granted Permission the data showed a 70% increase over the same period in 2015. Major projects (€50+ million) in the Medical, Utilities, Leisure, Commercial andResidential sectors account for 42% of this increase.
The volume of Planning Applications being submitted continues to increase and this year to date is 28% up on 2015. Looking at the volume of future construction activity, the Residential sector, with the assistance of Government will continue to improve with the objective that by 2021, in excess of 25,000 units will be built each year thereafter to meet the population needs.
The CIS data is commencing to show positive signs of activity spreading through to all parts of the country, with all Regions recording slight increases at either On-Site, Plans Granted or Submitted. While Dublin and Leinster will continue to dominate in terms of volume and value of projects in the medium term, the acceleration of this modest growth will be dependent on continuation of positive economic growth, Foreign Direct Investment and availability of liquidity from financial institutions.
The report can be viewed here
