As the construction industry continues to grow, the aim of this quarterly Building Information Index is to provide the Construction Industry with reliable and consistent data on the regional aspects to recovery, the sectors which are recovering quickest and how the recovery is being funded.
Value of Construction Project Commencements grows by +67% in first 9 Months of 2015
The value of construction project Commencements in the first nine months of 2015 has grown by +67% when compared to the same period of 2014. While the Q1-Q2 year on year comparison showed a growth of 41%, continued growth into Q3 2015 brings the total 9 months Commencements to €4.25bn compared to €2.55bn in 2014. All sectors registered growth with the exception of Education (-7%) and Social (-12%). Commercial and Retail recorded strong growth with Commencements up +99% (to €830m) on 2014 figures. Industrial was similarly up +99% to €482m. Residential, the largest and most significant sector also almost doubled in volume with growth of +98% year on year and with the value of Commencements in the first 9 months of 2015 at €2.09bn.
Value of Applications up +26%
The value of construction project Applications also show consistent growth of +26% (Comparable figures in the previous index showed growth at +27%). The value in 2015 stands at 11.27bn, compared to just under €9bn in the first nine months of 2014. All sectors, again with the exception of Social, have recorded increases in Applications with the largest jump percentage wise in Industrial (€935m) up +95% on 2014. Volume wise again Residential is the largest sector, with the growth rate up +29% on 2014 with total Applications of €5.58bn in 2015 compared with €4.33bn in the first nine months of 2014.
The Building Information Index is measured by factors that correlate with the phases in a construction project. The first is project Commencements which relate to projects that are in progress on-site and where construction activity has started. The second is Applications which are a real time barometer of sentiment in the construction sector and relate to all projects yet to be approved for planning. Thirdly we look at projects that have been granted permission. This show projects that are further along in the cycle, and being approved, they show more short term potential in the market.
Full details on all projects referenced in compiling the Building Information Index can be found on our construction projects database
