Welcome to the fourth volume of the Building Information Index
As 2016 begins the Building Information Index provides the construction industry with key analysis and insight as to what is happening and what is planned for the coming year. The full year 2015 index is a key piece of research that plots the growth trajectory of the construction industry by region, the sector and funding type. I hope you find it informative.
In this volume the full year of 2015 is compared to 2014. The analysis takes a close look at the construction industry broken down by region, funding source and sectors; Residential, Commercial & Retail, Medical, Education, Agriculture, Industrial and Social.
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 shows projects that are further along in the cycle, and being approved, they show more short term potential in the market.
The total value of Construction Project Commencements grows by €3.19bn (+109%) in 2015
The value of construction project Commencements in 2015 has grown by +109% when compared to 2014. This shows continued strong growth building on what was reported in previous quarterly indices. Q1-Q2 year on year comparison showed a growth of 41%, Q1-Q3 showed growth of +67%. Now for the first time in 2015 all sectors registered growth. Commercial and Retail recorded the largest percentage growth with Commencements up +217% (to €1.53bn) on 2014 figures. Industrial was similarly up +160% to €701m. Residential, the largest and most significant sector more than doubled in volume with growth of +114% year on year and with the value of Commencements in 2015 at €2.74bn.
Value of Applications up +22%
The value of construction project Applications also show consistent growth of +22% (Comparable figures in the previous index showed growth at +26%). The value for 2015 stands at €15.43bn, compared to just under €12.64 in 2014. All sectors, again with the exception of Social, have recorded increases in Applications with the largest jump percentage wise in Industrial (€1.22bn) up +80% on 2014. Volume wise again Residential is the largest sector, with the growth rate up +31% on 2014 with total Applications of €8.23bn in 2015 compared with €6.27bn in 2014.
For furrther Information contact Building Information Ireland CEO Danny O’Shea – 01 9053200 | info@buildinginfo.com
