The Construction Industry Federation (CIF) has called on the state to immediately introduce the infrastructure bond outlined by the Construction Industry Council (CIC) to save tens of thousands of jobs.

Director General Tom Parlon said the move must be taken "to try to halt the downward spiral in the Irish economy".

Mr Parlon said: "The infrastructure bond is a ready made solution in terms of saving jobs and kick-starting economic activity.

"Our proposal would save 70,000 construction jobs, giving a massive boost to the economy. It is clearly also the case that Ireland needs the infrastructure that will be delivered by this proposal.

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"Ireland's competitiveness is undermined by infrastructure deficits in areas such as roads, public transport, telecommunications and broadband, health, education, and water quality. This plan has the potential to make major inroads into addressing these deficits."

The CIF boss warned that investment secured through the infrastructure bond must be in addition to already committed direct government spending: "Government spending on infrastructure has been reduced by over 20% at a time when other economies are increasing construction output to safeguard jobs and stimulate increased activity."

He claimed thousands of jobs have already been lost as a result of the deferral, postponement and cancellation of projects.

"The infrastructure bond proposal is a chance to reverse this trend but only if it is in addition to what is already planned." he said.

"We are fortunate in having a large number of projects, either ready to go or at a very advanced stage, which mean that we can give an immediate boost to the economy through infrastructure spending.

"There is clearly no time to waste on this proposal," added Mr Parlon.

(PR/JM)