As the Irish construction sector reflects on the trials of 2023, a newfound sense of cautious optimism permeates the industry. Despite facing persistent challenges such as inflation, material shortages, and skilled labour deficits, recent indicators suggest a shift towards a brighter future.
Reports from industry surveys and financial institutions reveal a growing confidence among construction companies, with a majority expressing positivity about the sector's health. Noteworthy forecasts predict significant growth in construction output and housing completions for 2024, hinting at a promising trajectory.
In 2023, amidst economic pressures, the sector witnessed notable transactions, particularly in multi-use developments spanning residential, commercial, and retail spaces. Refinancing activities also saw an uptick, especially concerning assets undergoing completion or defect liability periods.
Looking ahead to 2024, the momentum in construction financing is expected to continue, fueled by improved material availability and cost certainty. The focus is likely to extend to fit-out, refurbishment, and alteration projects, driven in part by anticipated revisions to energy efficiency regulations. The directive aims to transform existing buildings into zero-emission structures gradually, posing challenges and opportunities for property owners and tenants alike.
While the future appears promising, challenges persist, including inflation and supplier stress. However, the overall outlook remains positive, with the industry poised for growth.
