Construction BUSINESS

The value of construction projects commenced saw a significant increase in the first three quarters of 2015, rising by €1.7 billion to €4.25 billion when compared to the same period in 2014 according to the latest edition of the Building Information Index.

This represents an increase of +67% in the value of actual construction activity for the first nine months of 2015 when compared to the first half of 2014.

Munster has recorded the largest increase with gains of +126%, while Dublin +74%, Leinster +39% and Connacht/Ulster +32% also performed very strongly,” said Danny O’Shea Managing Director of Building Information Ireland.

In terms of Project Applications, the Building Information Index shows that while overall the value of projects is up 26% for the first nine months of the year, there are significant regional variations throughout the country.

Dublin (€5.38 billion) is the region with the highest value of new Project Applications and it also is the region that has seen the largest increase, with a 40% jump. Leinster (€2.77 billion) sees an increase of +30% and Connacht / Ulster (€1.24 billion) is also up significantly by +27% over the same period last year. Munster still continues to show a marginal decline of -5% in the value of new Applications (€1.88 billion).

According to the index, the average number of weeks it takes for a construction project to get from the planning application stage to work starting on site was 71 weeks as of end of third quarter in 2015.

The Building Information Index is produced by a team of researchers at Building Information Ireland who examine the various phases on every construction project using up to date planning and detailed project information.