Mace has revealed that Ireland is set for growth across its energy, utilities, and transport sectors over the next decade despite the current cost of living crisis.

The global construction and consultancy company produced the findings in its latest Irish Market View.

While there have been dips in production in residential and non-residential, the report highlights that civil engineering has grown strongly. Civil engineering production saw a six point nine per cent increase in Q1 that was followed by a five point eight per cent jump in Q2.

The report highlights offshore wind energy as a specific opportunity area with the opportunity to generate seven Gigawatts by 2030 and 37 Gigawatts by 2050, supporting Ireland’s 2030 Climate Action Plan. This will have a positive knock-on effect throughout the Irish supply chain, resulting in upskilling and onward investment across all manner of industries, including turbine manufacturing and electricity grid connection.

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Although the pipeline of work is promising for Ireland, the Irish labour market isn't prepared. The report outlines that already low unemployment levels, combined with the fact that the number of people working in construction jumped to its highest level since 2008, leaves little room for expansion. According to the report, Ireland will need to stand out from the crowd and position itself as the place to come and work on major programmes.

Andy Beard, Global Head of Cost and Commercial Management at Mace, said: "While the current situation for the construction industry in Ireland is one where production has fallen recently, we are much more confident about how the sector will fare in the more medium-term. There is an incredibly large pipeline and, with the government enjoying a remarkable surplus, this is only likely to increase.

"However, for the moment, some of the fragility of the sector is due to inflation and a tight labour market, and if the government chooses to spend even greater sums, then this could trigger renewed inflationary problems."

Frank Randles, Country Director for Ireland, Mace Consult, said: "Ireland's infrastructure market certainly has challenges ahead, but if it can mitigate these in the short-to-medium-term, the long-term prize is considerable. We measured the scope of the Irish built environment opportunity in a research paper we recently published, with Ireland placing third in our global construction index. The data backs up the findings of our H2 Market View and is evidence of Ireland’s status as a booming market for construction and infrastructure."