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Cost of construction on the rise again

Tuesday, September 02 10:37:33

The cost of construction in Ireland has risen by 4.4pc in the past year, according to the latest Construction Tender Price Index published by the Society of Chartered Surveyors Ireland (SCSI) today.

It shows that construction tender prices grew by 2pc since the beginning of 2014 and are now 10pc higher since they bottomed out in 2010.

Micheal Mahon, Vice Chairman of the Quantity Surveying Professional Group of the SCSI said prices are likely to continue to rise.

"This trend is likely to continue, and indeed it is accelerating slowly, as more confidence comes back into the market, bringing with it a modest increase in construction activity, particularly in the Greater Dublin area," he said.

Mr Mahon said that there are a number of very large projects such as Intel and the Corrib gas pipeline nearing completion and these will release large numbers of workers back into the market, particularly in the specialist mechanical and electrical trades, which will maintain intense competition in the industry.

"It is worth noting that despite these recent modest increases building prices remain very competitive and, at 26pc below their peak in 2007, they are still well below prices back in 2000," added Mr Mahon.

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