Ulster Bank economist Pat McArdle has predicted that the Irish economy and construction sector is going through a "period of necessary adjustment".

He revealed that house prices will fall further before the market will pick up again, and said the Irish economy is going through "a necessary period of adjustment whereby the construction and the housing sector in particular is slowing down to more sustainable levels."

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Mr McArdle was speaking ahead of a major construction conference, the 'National Construction Conference', organised by Commercial Media Group, the largest construction media group in the country.

He also said he expected economic growth of around three per cent this year: which is higher than virtually all of Ireland's competitors.

Topics to be discussed in the forthcoming event include; Construction Industry Performance: Review and Forecasts, House Building and Output Projections, Contracts and Tendering and Public Private Partnerships.

(JM)