Linesight Reports Significant COVID-19 Market Adjustment yet Institutional Investment and Sector Resilience Evident
Global construction consultancy announces update to its industry-leading Knowledge Centre resource showing growth in technology and life sciences sectors
DUBLIN–(BUSINESS WIRE)–Linesight, a global construction consultancy firm, today announced the latest update to its Knowledge Centre, an annual construction industry resource with key data, trends, indices and analyses across multiple regions. This comprehensive view of the industry’s current challenges and outlook features expert insights in major sectors including commercial, life sciences, data centres, retail and residential.
“The release of the September 2020 edition of the Knowledge Centre for Ireland is, in many ways, still a snapshot in time as we continue to navigate our way through the pandemic,” said Richard Joyce, Linesight’s Managing Director Europe. “While the construction outlook may appear to be somewhat bleak at present, there are some positives to be taken from the market performance in particular sectors. It remains to be seen just how long this tumultuous period will last – however, we are encouraged by continued activity across the construction industry in Ireland, and various mechanisms and supports planned to sustain this stability.”
Highlights from the latest edition of the Knowledge Centre for Ireland include:
- As noted in the Department of Public Expenditure and Reform’s Build 2020 report, total investment in building and construction grew by an estimated 11 percent 2019 to €27 billion however, it could decrease by up to 35 percent in 2020 due to a fall in public and private sector investment, to reach in the region of €18 billion.
- Linesight projects tender inflation for the full year 2020 now at 3-3.5 percent (including Covid-19 Cost). This is an average only and very much dictated by the project type and sector together with the stage of the project.
- Construction employment represents a 6.3 percent share of total employment in the Irish economy, which is just below the 2018 EU average of 6.8 percent.
- As of 9th September 2020, 10,023 construction sector workers remained on Pandemic Unemployment Payments, down from 52,118 on 3rd May 2020.
- The Central Bank estimates that 34,000 new homes must be built every year for the next decade to meet the demands of the housing crisis however only approximately 16,500 will be built this year.
- The investment in the life sciences, pharma and data centre sectors has accelerated as a result of COVID-19 and the increased demand for cloud services. Online purchasing is powering demand in the warehousing and distribution sector, while institutional residential projects have remained resilient.
- Certain sectors have been severely impacted by the pandemic, in particular retail and hospitality. Both industries are now focused on survival and adapting to a new reality.
- The impact of COVID-19 on the commercial sector remains to be seen, but at a minimum, clients are re-assessing their space requirements and are reviewing options around futureproofing designs. This will allow the occupiers of its office space to respond quickly to changes in business practice, such as headcount growth and contraction, new ways of working, social distancing and flexible working.
For in-depth analysis and data in key construction markets, please see the latest update to the Knowledge Centre at https://www.linesight.com/en-gb/reports/ireland-2020
Linesight is a multinational construction consultancy firm with over 45 years’ experience, providing cost, programme, project and general consultancy services to the construction industry. Linesight works with Tier One clients across a multitude of sectors including Commercial, Data Centres, Life Sciences, High-Tech Industrial, Residential, Hospitality, Healthcare and Retail. Linesight’s specialist project teams, each with specific skills and experience, provide faster project delivery, greater cost efficiency and maximum value for money for their clients. For further information, please visit http://www.linesight.com.
Fiona D’Arcy for Linesight
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