Construction output falls again as input prices soar

Construction output has fallen for the second consecutive quarter amid fears that rapid input price inflation may dampen activity in the sector. Central Statics Office (CSO) data indicated that the volume of production in construction here decreased by 4.5 per cent between April and June. This followed a reduction in output in the first quarter.

The largest reduction occurred in the non-residential building sector with a decrease of 6.7 per cent quarter on quarter. The residential building sector reduced its volume of output by 2.9 per cent on a seasonally adjusted basis while the civil engineering sector declined by 0.9 per cent.

The seasonally adjusted value index for all building and construction increased by 3 per cent on a quarterly basis and grew by 12.6 per cent on an annual basis, reflecting in the main the jump in input prices.

Despite the fall-off in headline output, more than 50,000 housing units are expected to be completed over the next two years as long-constrained supply picks up in the face of strong demand.

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The Economic and Social Research Institute has previously projected a need for 33,000 new homes each year to meet demand. The Government’s Housing for All strategy expects to deliver 33,450 homes in 2024, rising to 40,500 in 2030.