CIF welcomes extra capital expenditure
The Construction Industry Federation welcomes extra capital expenditure outlined in the Government’s Summer Economic Statement.
Director General, Tom Parlon stated: “Increased infrastructure investment is vital to sustain economic growth in the medium term. The Government’s commitment to increase capital expenditure in their Summer Economic Statement is a welcome step in the right direction.
“The CIF believes the PCP will need to be supplemented with off-balance sheet investment so Ireland’s economic recovery can continue and spread to regions outside the greater Dublin area. At current levels, many essential projects outlined in the PCP will not go ahead within the lifetime of the programme.
“The Government must follow through on Taoiseach Kenny’s intervention with the Commission to request a review of budgetary restrictions on Ireland that are curtailing essential infrastructure investment and damaging medium-term growth prospects.
“The CIF has called on the Government to establish an independent Infrastructure Commission with the power to prioritise and allocate infrastructure spending. This approach will ensure that infrastructure is correctly phased in and generate returns in economic growth to fund further investment. This has the potential to sustain growth, employment and opportunity in the regions over the next 20 years.
This Commission should have an overall strategic view of Ireland’s infrastructure needs considering our role in the global economy, increasing our attractiveness for FDI and our demographics. Most importantly, it should be able to fast-track essential investment through planning whilst coordinating the actions of state agencies in transport, health, energy and communications.”
