Published on : Mar 02, 2015
Experts said that the Irish residential construction industry has had a dramatically slow start to their activities in early 2015. The slump follows a substantial rise in the planning activities for residential applications and constructions projects from 2014.
The current data that has been taken from Link2Plans, an independent planning research company, displays a 12% increase in planning applications and a 30% increase in project commencements in 2014.
Most of the increments in construction activities occurred in the first quarter of 2014, before the introduction of new regulations for buildings. After the regulations were established, the growth in construction projects dropped from 66 per cent to 30 per cent since the 2014 mid way point.
Danny O’Shea, MD of Link2Plans said that despite the drop in growth in the second half of 2014, it was still a positive year for the Irish residential construction sector. The sector’s recovery accounted for nearly 42 per cent of the entire fold of planning applications and 35 per cent of the project initiations in 2014.
O’Shea also said that the positive sentiment was initially present in only the major urban areas residential construction projects. It is now being felt across the entire country. There are currently 15 countries that have recorded an increase in the number of planning applications in comparison to the same period in 2015.
But despite the confidence shown by the sector, its forecast shows a tougher trajectory for the 2015 residential market. While there was ample growth in 2014, the year was still named as one of two halves. The initial half showed great promise while the latter part slowed down to almost a stop, described O’Shea.