Construction in Ireland - Key Trends and Opportunities to 2018

Published: May, 2014 | Pages: 69 | Publisher: Timetric
Industry: Construction | Report Format: Electronic (PDF)


Synopsis
This report provides detailed market analysis, information and insights into the Irish construction industry including:
The Irish construction industry's growth prospects by market, project type and type of construction activity
Analysis of equipment, material and service costs across each project type within Ireland
Critical insight into the impact of industry trends and issues, and the risks and opportunities they present to participants in the Irish construction industry
Analyzing the profiles of the leading operators in the Irish construction industry
Data highlights of the largest construction projects in Ireland 

Summary
The Irish construction industry recorded a review-period CAGR of -13.76%. Having suffered a setback during the economic crisis (2008�-2012), it then started to recover the next year. In 2014, the construction industry in Ireland is anticipated to register a nominal growth of 5.0%, backed by increases in activities in both the commercial and residential markets. This growth will be supported by the government's investment to develop the country's commercial market and build affordable homes to meet the rising demand for housing. According to the Central Statistics Office Ireland (CSO), the number of approvals for residential projects increased by 95.0% from November 2012 to November 2013, and the building and construction production index increased by 12.0% from the second quarter of 2012 to the second quarter of 2013. Assuming these positive trends continue, the industry is expected to record a forecast-period CAGR of 4.62%. 
Scope
This report provides a comprehensive analysis of the construction industry in Ireland. It provides:
Historical (2009-2013) and forecast (2014-2018) valuations of the construction industry in Ireland using construction output and value-add methods
Segmentation by sector (commercial, industrial, infrastructure, institutional and residential) and by project type
Breakdown of values within each project type, by type of activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost (materials, equipment and services)
Analysis of key construction industry issues, including regulation, cost management, funding and pricing
Detailed profiles of the leading construction companies in Ireland 
Reason To Buy
 Identify and evaluate market opportunities using our standardized valuation and forecasting methodologies
Assess market growth potential at a micro-level with over 600 time-series data forecasts
Understand the latest industry and market trends
Formulate and validate business strategies using Timetric's critical and actionable insight
Assess business risks, including cost, regulatory and competitive pressures
Evaluate competitive risk and success factors 
Key Highlights
 Ireland's construction industry suffered a sharp contraction during the country's economic crisis, with levels of output declining from EUR48.0 billion (US$65.7 billion) in 2007 to EUR11.4 billion (US$15.1 billion) in 2013. The construction industry appears set for a sustained recovery, however. In real value-add terms, construction output rose by 10.5% annually in the first three quarters of 2013. Rising property prices, improved private investor sentiments and a number of major construction projects will boost the growth of construction industry in Ireland over the forecast period.  
Construction value added in nominal terms, registered a CAGR of -13.14% during the review period, reaching EUR2.4 billion (US$3.2 billion) in 2013. Over the forecast period, the growth in construction value added is likely to recover at a CAGR of 5.97%, owing to a steady recovery in general economic activity. The activities in the commercial and residential construction market are expected to pick up relatively faster than other construction markets over the forecast period. Due to increased construction activities and workload rising sharply, companies in the construction industry have been increasing their staffing levels. According to CSO, the rate of employment in Ireland grew by 9.5% from the first quarter of 2013 to the third quarter of 2013. 
There was a strong demand in the Irish residential construction market during the review period, as evident from the sharp increase in the sales of housing units. According to the Irish Banking Federation (IBF), the number of residential property transactions in Ireland increased by 14.0% in the first quarter of 2013, compared with the same period in 2012. Moreover, the country's housing market is extremely supported by low interest rates and property taxes, therefore, the rise in housing sales reflects the rapid growth in the construction of new projects and the residential market. 
The Irish government introduced REITs (real estate investment trusts) in its 2013 budget in a bid to encourage commercial construction and boost the economy. REITs aim to attract investment from private investors to finance the majority of commercial projects. Some measures that will help attract private investment include an exemption from Irish corporation tax on both qualifying income and gains. In 2014, the Irish stock market is expected to have listed two more REITS on its exchange to target EUR2.0 billion (US$2.7 billion) in funds from investors ready to allocate to this tax-efficient form of investment. It will also make major investments in the retail and office real estate markets.  
To improve road infrastructure in the country, the Ministry for Transport, Tourism and Sports has announced that it will invest EUR332.9 million (US$449.0 million) in 2014 for the development of regional and local roads in the country. The total investment will include the maintenance of 1,910.0km of roads, strengthening of 2,156.0km of roads, 245 low-cost safety projects and 162 bridge rehabilitation projects. The government is investing heavily to improve the country's infrastructure, and make it more effective for transport and logistics. 
There has been clear evidence of an expansion in residential construction, according to the latest data on new building permits. In the third quarter of 2013, residential building permits (in terms of square area) were up by nearly 4.9%, whereas non-residential building permits declined by 4.5%. Total permits declined by 10.5% annually, highlighting the latter's greater significance to the total industry. This suggests that there are still risks to recovery in these non-residential building sectors in the years ahead.

 1 Executive Summary
2 Market Overview
2.1 Key Trends and Issues
2.2 Benchmarking by Market Size and Growth
3 Commercial Construction
3.1 Performance Outlook
3.2 Key Trends and Issues
3.3 Data and Project Highlights
4 Industrial Construction
4.1 Performance Outlook
4.2 Key Trends and Issues
4.3 Data and Project Highlights
5 Infrastructure Construction
5.1 Performance Outlook
5.2 Key Trends and Issues
5.3 Data and Project Highlights
6 Institutiol Construction
6.1 Performance Outlook
6.2 Key Trends and Issues
6.3 Data and Project Highlights
7 Residential Construction
7.1 Performance Outlook
7.2 Key Trends and Issues
7.3 Data and Project Highlights
8 Company Profile: Sisk Group
8.1 Sisk Group - Company Overview
8.2 Sisk Group - Business Description
8.3 Sisk Group - Main Products and Services
8.4 Sisk Group - History
8.5 Sisk Group - Company Information
8.5.1 Sisk Group - key competitors
8.5.2 Sisk Group - key employees
9 Company Profile: Siteserv Plc
9.1 Siteserv Plc - Company Overview
9.2 Siteserv Plc - Main Services
9.3 Siteserv Plc - Company Information
9.3.1 Siteserv Plc - key competitors
9.3.2 Siteserv Plc - key employees
10 Company Profile: BAM Contractors
10.1 BAM Contractors - Company Overview
10.2 BAM Contractors - Main Services
10.3 BAM Contractors - Company Information
10.3.1 BAM Contractors - key competitors
10.3.2 BAM Contractors - key employees
11 Company Profile: John Graham Construction Ltd
11.1 John Graham Construction Ltd - Company Overview
11.2 John Graham Construction Ltd - Main Services
11.3 John Graham Construction Ltd - History
11.4 John Graham Construction Ltd - Company Information
11.4.1 John Graham Construction Ltd - key competitors
11.4.2 John Graham Construction Ltd - key employees
12 Company Profile: ABM Construction Ltd.
12.1 ABM Construction Ltd. - Company Overview
12.2 ABM Construction Ltd - Main Products and Services
12.3 ABM Construction Ltd - Company Information
12.3.1 ABM Construction Ltd - key competitors
12.3.2 ABM Construction Ltd - key employees
13 Market Data Alysis
13.1 Construction Output and Value Add
13.1.1 Construction output by project type
13.1.2 Construction output by cost type
13.1.3 Construction output by activity type
13.1.4 Construction value add by project type
13.2 Commercial Construction
13.2.1 Commercial construction output by project type
13.2.2 Commercial construction output by cost type
13.2.3 Commercial construction output by activity type
13.2.4 Commercial construction value add by project type
13.3 Industrial Construction
13.3.1 Industrial construction output by project type
13.3.2 Industrial construction output by cost type
13.3.3 Industrial construction output by activity type
13.3.4 Industrial construction value add by project type
13.4 Infrastructure Construction
13.4.1 Infrastructure construction output by project type
13.4.2 Infrastructure construction output by cost type
13.4.3 Infrastructure construction output by activity type
13.4.4 Infrastructure construction value add by project type
13.5 Institutiol Construction
13.5.1 Institutiol construction output by project type
13.5.2 Institutiol construction output by cost type
13.5.3 Institutiol construction output by activity type
13.5.4 Institutiol construction value add by project type
13.6 Residential Construction
13.6.1 Residential construction output by project type
13.6.2 Residential construction output by cost type
13.6.3 Residential construction output by activity type
13.6.4 Residential construction value add by project type
14 Appendix
14.1 What is This Report About?
14.2 Definitions
14.3 Summary Methodology
14.4 Methodology
14.5 Contact Timetric
14.6 About Timetric
14.7 Timetric's Services
14.8 Disclaimer


List of Tables
Table 1: Benchmarking with Other Major Construction Industries
Table 2: Commercial Construction Project 1 - MSFT - Dublin Fourth Data Center - Ireland
Table 3: Commercial Construction Project 2 - RTE - Montrose Broadcasting Studio Redevelopment - Ireland
Table 4: Commercial Construction Project 3 - Eircom - Clondalkin Data Centre - Dublin
Table 5: Industrial Construction Project 1 - INTC - Intel Leixlip Microchip Manufacturing Plant - Kildare
Table 6: Industrial Construction Project 2 - DAFM - Sugar/Bioethanol Production Facility - Ireland
Table 7: Industrial Construction Project 3 - LLY - Dunderrow New Bio Manufacturing Plant - Munster
Table 8: Infrastructure Construction Project 1 - DCC - Metro Dublin Underground Rail System - Ireland
Table 9: Infrastructure Construction Project 2 - NRA - Galway Gort to Tuam Motorway - Ireland
Table 10: Infrastructure Construction Project 3 - NRA - Arklow-Rathnew Carriageway N11 - County Wicklow
Table 11: Institutiol Construction Project 1 - NPHDB - New tiol Children's Hospital - Dublin
Table 12: Institutiol Construction Project 2 - BELB - Belfast Schools Modernisation - Ireland
Table 13: Institutiol Construction Project 3 - LIT - Limerick Campus Development - Ireland
Table 14: Residential Construction Project 1 - KSHL - Dublin Student Housing Development - Ireland
Table 15: Residential Construction Project 2 - BD - Swiftbrook Housing Development - Dublin
Table 16: Sisk Group, Key Facts
Table 17: Sisk Group, Main Products and Services
Table 18: Sisk Group, History
Table 19: Sisk Group, Key Employees
Table 20: Siteserv Plc, Key Facts
Table 21: Siteserv Plc, Main Services
Table 22: Siteserv Plc, Key Employees
Table 23: BAM Contractors, Key Facts
Table 24: BAM Contractors, Main Services
Table 25: BAM Contractors, Key Employees
Table 26: John Graham Construction Ltd, Key Facts
Table 27: John Graham Construction Ltd, Main Services
Table 28: John Graham Construction Ltd - History
Table 29: John Graham Construction Ltd, Key Employees
Table 30: ABM Construction Ltd, Key Facts
Table 31: ABM Construction Ltd, Main Products and Services
Table 32: ABM Construction Ltd, Key Employees
Table 33: Irish Construction Output by Project Type (EUR Million), 2009-2013
Table 34: Irish Construction Output by Project Type (EUR Million), 2013-2018
Table 35: Irish Construction Output by Cost Type (EUR Million), 2009-2013
Table 36: Irish Construction Output by Cost Type (EUR Million), 2013-2018
Table 37: Irish Construction Output by Activity Type (EUR Million), 2009-2013
Table 38: Irish Construction Output by Activity Type (EUR Million), 2013-2018
Table 39: Irish Construction Value Add by Project Type (EUR Million), 2009-2013
Table 40: Irish Construction Value Add by Project Type (EUR Million), 2013-2018
Table 41: Irish Commercial Construction Output by Project Type (EUR Million), 2009-2013
Table 42: Irish Commercial Construction Output by Project Type (EUR Million), 2013-2018
Table 43: Irish Commercial Construction Output by Cost Type (EUR Million), 2009-2013
Table 44: Irish Commercial Construction Output by Cost Type (EUR Million), 2013-2018
Table 45: Irish Commercial Construction Output by Activity Type (EUR Million), 2009-2013
Table 46: Irish Commercial Construction Output by Activity Type (EUR Million), 2013-2018
Table 47: Irish Commercial Construction Value Add by Project Type (EUR Million), 2009-2013
Table 48: Irish Commercial Construction Value Add by Project Type (EUR Million), 2013-2018
Table 49: Irish Industrial Construction Output by Project Type (EUR Million), 2009-2013
Table 50: Irish Industrial Construction Output by Project Type (EUR Million), 2013-2018
Table 51: Irish Industrial Construction Output by Cost Type (EUR Million), 2009-2013
Table 52: Irish Industrial Construction Output by Cost Type (EUR Million), 2013-2018
Table 53: Irish Industrial Construction Output by Activity Type (EUR Million), 2009-2013
Table 54: Irish Industrial Construction Output by Activity Type (EUR Million), 2013-2018
Table 55: Irish Industrial Construction Value Add by Project Type (EUR Million), 2009-2013
Table 56: Irish Industrial Construction Value Add by Project Type (EUR Million), 2013-2018
Table 57: Irish Infrastructure Construction Output by Project Type (EUR Million), 2009-2013
Table 58: Irish Infrastructure Construction Output by Project Type (EUR Million), 2013-2018
Table 59: Irish Infrastructure Construction Output by Cost Type (EUR Million), 2009-2013
Table 60: Irish Infrastructure Construction Output by Cost Type (EUR Million), 2013-2018
Table 61: Irish Infrastructure Construction Output by Activity Type (EUR Million), 2009-2013
Table 62: Irish Infrastructure Construction Output by Activity Type (EUR Million), 2013-2018
Table 63: Irish Infrastructure Construction Value Add by Project Type (EUR Million), 2009-2013
Table 64: Irish Infrastructure Construction Value Add by Project Type (EUR Million), 2013-2018
Table 65: Irish Institutiol Construction Output by Project Type (EUR Million), 2009-2013
Table 66: Irish Institutiol Construction Output by Project Type (EUR Million), 2013-2018
Table 67: Irish Institutiol Construction Output by Cost Type (EUR Million), 2009-2013
Table 68: Irish Institutiol Construction Output by Cost Type (EUR Million), 2013-2018
Table 69: Irish Institutiol Construction Output by Activity Type (EUR Million), 2009-2013
Table 70: Irish Institutiol Construction Output by Activity Type (EUR Million), 2013-2018
Table 71: Irish Institutiol Construction Value Add by Project Type (EUR Million), 2009-2013
Table 72: Irish Institutiol Construction Value Add by Project Type (EUR Million), 2013-2018
Table 73: Irish Residential Construction Output by Project Type (EUR Million), 2009-2013
Table 74: Irish Residential Construction Output by Project Type (EUR Million), 2013-2018
Table 75: Irish Residential Construction Output by Cost Type (EUR Million), 2009-2013
Table 76: Irish Residential Construction Output by Cost Type (EUR Million), 2013-2018
Table 77: Irish Residential Construction Output by Activity Type (EUR Million), 2009-2013
Table 78: Irish Residential Construction Output by Activity Type (EUR Million), 2013-2018
Table 79: Irish Residential Construction Value Add by Project Type (EUR Million), 2009-2013
Table 80: Irish Residential Construction Value Add by Project Type (EUR Million), 2013-2018
Table 811: Timetric Construction Market Definitions