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“The construction industry is approaching €15b in output in the irish economy making it a hugely indigenous sector. The impressive growth figures from the CSO show that our industry is a major provider of economic growth in Ireland. It is now a vital component in attracting and retaining FDI companies and it underpins the competitiveness of all other sectors in the economy.
The latest figures show an increase in building and construction activity of 4.3% in Q1 of 2016 and an annual increase of 13.6%.
This is positive news for the economy as the multiplier effects in terms of indirect employment and spending in the domestic economy are huge.
The current spate of growth is driven by residential growth mainly, however there is still a severe shortage of houses being built to meet demand.
We welcome Minister Coveney’s commitment to establish a fund for infrastructure that will make land viable for construction. We have repeatedly said that without investment in infrastructure the government will not solve the housing crisis but rather create a new series of problems in terms of economic development and regional growth.
The CIF recently released an analysis showing that many infrastructure projects outside Dublin were delayed or at risk of not being completed. If we want to increase economic, and construction output, as well as balance the spread of our economic recovery, we must ensure that infrastructure projects take priority in the new Government. The CIF is currently engaged in the creation of the National Planning Framework and believe that this strategy must be ambitious and be supported by an increase in infrastructure spend to 6% of GDP in the long term.”
For further information, Please contact:
Rosalind Travers: [email protected] / 087 100 10 39