Construction activity in the Republic of Ireland rebounded from the impact of the pandemic in the second quarter of 2021; with the value of project-starts growing by 35% during the year as a whole. However, as the economic outlook has deteriorated, and the pace of the recovery has lost momentum in 2022; further consolidation is anticipated for 2023. Brighter economic prospects are expected to lift construction starts from 2024.

The Irish economy has continued to bounce back from the pandemic, despite global economic headwinds, with growth of 13.5% in 2021, and projected growth of 7.5% in 2022 according to the IMF. Whilst rapid growth during 2021 and 2022 has been supported by the strength of multinational companies, the wider economy has also grown strongly. Industrial production and consumer spending are currently well above pre-pandemic levels.

Table 1: Value of Underlying Project Starts (under €100 million) by Sector

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