The report analyses the industry outlook and takes a long view at what will be required to sustain development up until 2040. It was supported by an industry survey taken by senior professionals in the public and private sectors.
The Irish construction industry review estimated the sector will grow by €24 billion throughout the year.
Around 77% of the sector also feel positive about the future business outlook of the industry.
But despite the optimism in the report, only 15% of construction professionals feel equipped to deal with the looming talent shortage crisis. An additional 40% of industry admitted their inability to attract and keep talent is their biggest business concern. These concerns come after the announcement that, under the UK government's Immigration White Paper, few allowances will be made for low skilled workers, which includes most tradespeople, to enter the UK (including Northern Ireland) during Brexit.
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Director, AECOM in Ireland, John O'Regan said: "This year's review unlocked a message of positivity and optimism within the construction industry in Ireland. That being said, areas of concern were highlighted such as the sustainability of our Foreign Direct Investment (FDI) plan, how prepared companies felt to deal with looming talent shortage and our infrastructural resilience in the wake of increasing climate changes.
"Success is not just attracting new FDI, it is also retaining it and continuing to adapt our infrastructure to ensure we meet future needs. Ireland has been tremendously effective in attracting FDI and many of these multinationals have committed to increasing their presence. However, whether it is technology firms in Dublin, pharmaceuticals in Cork or MedTech in Galway, companies tend to cluster in specific well-developed regions. Without strategic investment, these cities will become increasingly congested, uncompetitive and saturated in terms of resources. That is why greater foresight into our future infrastructure and housing requirements across cities and regional urban centres is crucial to ensure our continued economic growth and maintain our strong FDI pipeline."
The report also indicated that Ireland's transport networks and services are becoming increasingly vulnerable.
The full report is available here.
(CM/JG)
