Construction BUSINESS

According to the latest Dublin Economic Monitor, the pace of growth in the construction sector in Dublin is at its strongest in 16 years. The capital’s private sector is showing no signs of a let-up in its strong performance with output growth accelerating from the first three months of the year.

Expansion in economic activity, business and employment has also been seen across the country, it has been claimed. “A particular highlight this quarter was the construction sector, which saw activity increase at one of the strongest rates in the series’ 16-year history,” said Andrew Harker, senior economist at IHS Markit.

“Dublin outperformed the rest of Ireland in terms of both output and new orders as the capital continued to drive growth, but the improving position is by no means restricted to Dublin as the rest of the country also posted marked expansions in activity, new business and employment,” he added.

The Dublin economy continued to strengthen in the first half of 2017, driven largely by a robust performance in the tourism sector. A buoyant hotel market saw occupancy rates exceed 82% in the second quarter and average daily room rates reached a new post-recession peak. It is believed this will aid job creation and prompt further declines in the unemployment rate for the region.

The growth in residential property prices accelerated to more than 8% year-on-year in both March and April 2017, according to the Economic Monitor.

Lorcan Blake, economic consultant at DKM Economic Consultants, said: “The performance of the Dublin economy has continued to strengthen in the first half of 2017 as reflected by the tourism sector where the airport and hotel market are showing very positive trends.

“This is likely to feed in to greater job creation and further declines in the unemployment rate for the region over the coming quarters.”