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Construction and Housebuilding Market Report - Republic of Ireland 2016-2020 Analysis

Published: 20/10/2016 / Number of Pages: 103 / Price: £795.00

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Introduction and Overview

The 3rd edition of the report 'Construction and Housebuilding Market Report - Republic of Ireland 2016-2020 Analysis' covers activities in the residential and non-residential construction sectors in the Republic of Ireland, following the economic downturn and then the more recent recovery of the Irish property market. The report should be of particular interest to contractors, developers, investors, local authorities, private and social housing contractors and their supply chains.

Key areas covered:

  • Review of the Irish construction and housebuilding sector - total output, key sectors of growth, key influencing factors and forecasts.
  • Review of the major public and private non-residential sectors - activity and output, with key sub-sectors of growth.
  • Forecasts for growth to 2020 - and analysis of the major development projects in Ireland, together with regional project data across all sectors.
  • Supply structure - the leading 25 Irish construction and engineering contractors, players in the housebuilding market.

Key areas of insight include:

  • Review of the main challenges impacting completion levels in the Irish housebuilding sector including high local authority levies, social housing contributions, strict planning constraints, opposition to high density housing in Dublin and lack of infrastructure.
  • Analysis of the potential long-term impact of Brexit on the Irish construction and house-building sectors, both in terms of inward investment, exports, impact on the economy and potential opportunities for companies to relocate within Ireland.
  • Review of the government's housing strategy - plans for 25,000 new homes to be built every year until 2021 and over €5.35bn to be spent on 47,000 social housing units by 2021.
  • Review of government legislation affecting the construction industry.
  • Detailed analysis of the government's most recent capital investment plan 2016-2021. This will see almost €27bn invested over 6 years, with key areas of investment including transport, education, environment, housing and health.
  • A review of the performance of the non-domestic construction sectors including social infrastructure, productive infrastructure and private non-residential sector. The latter includes all industrial, commercial, retail, agricultural and hotel & leisure construction output and has been one of the leading sectors in the recovery of the construction sector.
  • Detailed market data and insight on the construction and housebuilding market by AMA Research, a leading UK provider of construction market intelligence.

Some of the companies mentioned in the report include:

Abbey Plc, Ardmac, Ballymore Properties, BAM Ireland, Bartra Capital, Bennett Construction, Bovale Developments, Cairn Homes, Castlethorn Construction, Collen Construction, Designer Group Engineering Contractors, Dornan Engineering, Flynn Management & Contractors, Gannon Homes, Harcourt Developments, JJ Rhatigan & Co, John Paul, John Sisk, Jones Engineering, Kirby Group Engineering, Maplewood Developments, McGarrell Reilly Homes, Mercury Engineering, New Generation Homes, O'Flynn Construction, P J Hegarty & Sons, Roadbridge, SIAC, Stewart Developments, Suir Engineering, Victoria Hall Management Limited (VHML), Walls Construction.

Ireland Economic Environment & Social Background

  • Economic growth in 2015 and 2016 - revisions to GDP and GNP.
  • Imports and exports in 2015 and 2016.
  • Impact of the 2016 budget and new government.
  • Impact of 'Brexit' on the Irish economy and construction and housebuilding sectors.
  • Demographic profile of Ireland - population trends, regional data.

Construction Market Overview

  • Total construction market - value of construction output 2011-2020 and key trends.
  • Recovery of the Irish construction industry - key drivers and performance.
  • Forecasts for construction output in Ireland to 2020.
  • Regional construction activity - overview, regional construction activity by sector, role of NAMA in regional project funding, southern region (Munster), northern & western region (Connacht/Ulster), eastern & midland region (Leinster), Dublin region.
  • Construction employment levels, construction and labour costs.

Sectoral Construction Activity

  • Overview and value of output by sector.
  • Residential construction sector - overall market performance, trends and drivers.
  • Housing completions - overall housing completions, public/private sector completions, housing completions by type of unit.
  • Regional housebuilding activity - regional housebuilding completions.
  • Dublin housing market - completion figures, house prices.
  • Private non-residential overview - industrial construction, commercial construction e.g. offices, retail, hotel & leisure.
  • Social infrastructure sector - output and activity in the education & healthcare sectors.
  • Productive infrastructure - output and activity in the transport infrastructure and utilities sectors.

Key Factors Affecting the Industry

  • The infrastructure and capital investment plan 2016-2021.
  • Planning and development - planning reforms 2015-16, urban regeneration & housing act 2015, government housing strategy.

Irish Construction Market Supply

  • Overall market and structure of the Irish contracting industry.
  • Key construction companies and contractors - company profiles, expertise, project experience, forward strategy.
  • Structure of the Irish housebuilding industry.
  • Key housebuilders - quoted and larger regional housebuilders - company profiles, expertise, project experience, forward strategy.

Report Summary

The Irish construction and housebuilding sector has now turned a corner after several years of decline, with renewed focus on recovery after a lengthy and deep recession. In 2016, the recovery in the Irish construction sector is set to accelerate and experience the highest rate of output growth in over a decade at around 20% to reach around €15.1bn. However, industry output levels are still only a fraction of those seen during the peak of 2007. Current estimates suggest that total output in the Irish construction industry will continue to see growth throughout the period 2017-2020, albeit at a lower rate than experienced during 2014-16. In terms of regional construction output, the East and Midlands region (also known as Leinster) continues to have the largest share of the construction market, with over 8,000 projects at various stages of development.

The residential sector has been slow to recover from the economic and property downturn and, although annual housing completions are beginning to rise, there is now a very significant demand for housing in the major urban areas which is causing significant increases in rental costs, something which should stimulate housebuilding activity going forward.The private non-residential sector, which includes all industrial, commercial, retail, agricultural, and hotel & leisure construction output, is now experiencing a strong recovery in development activity, which is expected to continue in 2016, with activity levels increasing and output forecast to grow by over 30%. The Irish market is also benefiting from large scale FDI within the bio-pharma and data centre sectors and there are several large-scale bio-pharmaceutical, clean technology and data centre developments currently taking place across Ireland. In 2015, the value of construction related investment associated with new social infrastructure construction projects also rose strongly, and increased public capital programme allocations for the period 2016 to 2021 will support an increase in overall output. Both education and healthcare construction output is expected to benefit from investment under the Capital Plan 2016-2021, with a new School Building Programme to take place over the same period.

The supply structure for the Irish contracting industry is highly fragmented with a large number of small to medium sized companies, many of whom specialise in repair and maintenance activities and operate on a regional basis. Unlike the UK market, which is dominated by a dozen or so large, quoted companies with separate commercial, civil engineering and housebuilding operations, the Irish market is characterised by many smaller companies who operate across both residential and commercial sectors. The supply structure for the Irish housebuilding market is also highly fragmented with no more than one player having more than 2% of the market. There are just two publicly quoted housebuilders in Ireland. Over the past 10 years, the structure of the industry has changed fundamentally, with the collapse of several of Ireland's largest housebuilders and developers.

Output values are expected to increase by around 10% in 2017 and by 9-10% thereafter to until 2020. Into the medium-term, the return to growth is expected to be driven by the private commercial and residential sectors (supported by growing investment in social housing) and civil engineering activity. Output will also be supported by improving consumer and investor confidence as regional and global economic conditions improve. Though the UK's decision to leave the EU has caused uncertainty to the economic outlook, the full impact of 'Brexit' on the Irish economy and construction and Housebuilding industries will take time to emerge. Both the Irish construction and engineering industries have strong exposure to the UK market - around 55% of Irish exports in the construction and timber sectors go to the UK each year. However, there may be a more positive impact on the Irish construction industry with opportunities for UK-based corporates and financial sector firms to relocate from the UK to elsewhere within the European single market.


List of Report Contents

  1. Contents Listing
  2. 1. INTRODUCTION 6
  3. 1.1 INTRODUCTION 6
  4. 1.2 SOURCES OF INFORMATION 7
  5. 2. SUMMARY AND MARKET PROSPECTS 8
  6. 2.1 MARKET DEVELOPMENT 8
  7. 2.2 SECTOR REVIEW 9
  8. 2.3 SUPPLY STRUCTURE 11
  9. 3. ECONOMIC ENVIRONMENT AND SOCIAL BACKGROUND 12
  10. 3.1 ECONOMIC GROWTH IN 2015 AND 2016 12
  11. 3.1.1 Revisions to GDP and GNP 12
  12. 3.1.2 Imports and Exports 13
  13. 3.1.3 Impact of the 2016 Budget 14
  14. 3.1.4 New Government 15
  15. 3.1.5 Impact of 'Brexit' 15
  16. 3.2 DEMOGRAPHIC PROFILE 16
  17. 3.2.1 Population 16
  18. 3.2.2 Regional Profiles 17
  19. 4. CONSTRUCTION MARKET OVERVIEW 19
  20. 4.1 TOTAL CONSTRUCTION MARKET 19
  21. 4.1.1 Value of Construction Output and Recent Performance 19
  22. 4.1.2 Recovery of the Irish Construction Industry 23
  23. 4.1.3 Forecasts for Construction Output to 2020 24
  24. 4.2 REGIONAL CONSTRUCTION ACTIVITY 25
  25. 4.2.1 Overview 25
  26. 4.2.2 Regional Construction Activity by Sector 26
  27. 4.2.3 Role of NAMA in Regional Project Funding 27
  28. 4.2.4 Construction Activity - Southern Region (Munster) 28
  29. 4.2.5 Northern & Western Region (Connacht/Ulster) 30
  30. 4.2.6 Eastern & Midland Region (Leinster) 31
  31. 4.2.7 Dublin 32
  32. 4.3 CONSTRUCTION EMPLOYMENT LEVELS 35
  33. 4.4 CONSTRUCTION MATERIALS - PRICING 37
  34. 4.5 LABOUR COSTS 37
  35. 5. CONSTRUCTION ACTIVITY BY SECTOR 39
  36. 5.1 OVERVIEW AND VALUE OF OUTPUT BY SECTOR 39
  37. 5.2 RESIDENTIAL SECTOR CONSTRUCTION 41
  38. 5.2.1 Overall Market Performance 41
  39. 5.2.2 Housing Market in 2015-16 42
  40. 5.2.3 Housing Market 2017-2020 43
  41. 5.2.4 Housing Completions - Private and Public Sectors 44
  42. 5.2.5 Housing Completions by Type of Unit 46
  43. 5.2.6 Regional Housebuilding Activity 47
  44. 5.2.7 House Prices 52
  45. 5.2.8 Government Measures to Support Housing 54
  46. 5.3 PRIVATE NON-RESIDENTIAL SECTOR CONSTRUCTION 55
  47. 5.3.1 Industrial Construction 57
  48. 5.3.2 Commercial Construction 60
  49. 5.4 PUBLIC NON-RESIDENTIAL SECTOR CONSTRUCTION 65
  50. 5.4.1 Social Infrastructure 65
  51. 5.4.2 Productive Infrastructure 72
  52. 6. KEY FACTORS AFFECTING THE INDUSTRY 77
  53. 6.1 THE INFRASTRUCTURE AND CAPITAL INVESTMENT PLAN 77
  54. 6.1.1 2016-2021 Plan 77
  55. 6.2 PLANNING AND LAND DEVELOPMENT 82
  56. 6.2.1 Planning and Development Reforms 2015-16 82
  57. 6.2.2 Strategic Development Zones 84
  58. 6.2.3 Zoned Land for Housing 88
  59. 7. IRISH CONSTRUCTION MARKET SUPPLY 89
  60. 7.1 OVERALL MARKET 89
  61. 7.2 STRUCTURE OF THE IRISH CONTRACTING INDUSTRY 90
  62. 7.3 KEY CONSTRUCTION COMPANIES AND CONTRACTORS 91
  63. 7.3.1 Irish Construction Company Profiles 93
  64. 7.4 KEY HOUSEBUILDERS 99
  65. 7.4.1 Quoted Housebuilders 100
  66. 7.4.2 Larger Regional Housebuilders 101
  1. Tables & Charts
  2. TABLE 1 IRELAND CONSTRUCTION & HOUSEBUILDING SECTORS - KEY INDICATORS 2011 - 2020 (€M) 8
  3. TABLE 2 ECONOMIC INDICATORS REPUBLIC OF IRELAND 2015-2017 (% CHANGE) 13
  4. CHART 3 IMPORTS AND EXPORTS REPUBLIC OF IRELAND 2006-2016 BY VALUE (€BN) 14
  5. TABLE 4 POPULATION OF THE REPUBLIC OF IRELAND 2006-2016 ('000) 17
  6. TABLE 5 VALUE OF TOTAL CONSTRUCTION OUTPUT 2011 - 2020 (€M) 19
  7. CHART 6 STRUCTURE, VALUE AND SHARE OF THE IRISH CONSTRUCTION INDUSTRY BY SECTOR (€BN) 2015 22
  8. CHART 7 IRELAND CONSTRUCTION SECTOR - PLANS GRANTED (ALL REGIONS/ALL SECTORS) BY VOLUME 2015-16 26
  9. TABLE 8 IRELAND SOUTHERN REGION - NUMBER OF CONSTRUCTION PROJECTS IN DEVELOPMENT 2015-16 29
  10. TABLE 9 IRELAND NORTHERN & WESTERN REGION - NUMBER OF CONSTRUCTION PROJECTS IN DEVELOPMENT 2015-16 31
  11. TABLE 10 EASTERN & MIDLAND REGION - NUMBER OF CONSTRUCTION PROJECTS IN DEVELOPMENT 2015-16 32
  12. TABLE 11 DUBLIN REGION - NUMBER OF CONSTRUCTION PROJECTS IN DEVELOPMENT 2015-16 35
  13. TABLE 12 IRISH CONSTRUCTION INDUSTRY - EMPLOYMENT LEVELS - 2011-2020 AS A % OF THE TOTAL WORKFORCE 36
  14. TABLE 13 IRELAND - WHOLESALE PRICE INFLATION FOR BUILDING MATERIALS (JULY 2015 AND JULY 2016) BY TYPE OF MATERIAL 37
  15. CHART 14 TOTAL CONSTRUCTION MARKET IN THE REPUBLIC OF IRELAND BY SECTOR - % BY VALUE 2015 39
  16. TABLE 15 IRELAND - VALUE OF CONSTRUCTION OUTPUT BY SECTOR* 2011-2020 (€M) 40
  17. TABLE 16 IRELAND - HOUSEBUILDING COMPLETIONS 2005-2020 42
  18. TABLE 17 IRELAND - NEW DWELLINGS COMPLETED BY TYPE 2011 - 2020 (NO. COMPLETIONS) 45
  19. CHART 18 IRELAND - HOUSING COMPLETIONS BY TYPE 2015 46
  20. TABLE 19 IRELAND - REGIONAL HOUSEBUILDING COMPLETIONS (PUBLIC AND PRIVATE) BY COUNTY (% SHARE) 48
  21. TABLE 20 IRELAND - LEADING RESIDENTIAL CONSTRUCTION PROJECTS VARIOUS DEVELOPMENT STAGES (BY SIZE, VALUE, REGION ETC) 49
  22. TABLE 21 DUBLIN - HOUSEBUILDING COMPLETIONS (PUBLIC AND PRIVATE) 2012-2016 50
  23. CHART 22 NO. RESIDENTIAL PLANNING PERMISSIONS IN DUBLIN - Q1 2012-Q1 2016 51
  24. TABLE 23 DUBLIN - AVERAGE HOUSE PRICES Q1 2014 - Q1 2016 (€) 52
  25. TABLE 24 IRELAND - AVERAGE PRICE OF NEW DWELLINGS- 2011-2020 (€ '000) 52
  26. TABLE 25 IRELAND - AVERAGE PRICE OF NEW DWELLINGS BY COUNTY 2007 & 2015 (€) 53
  27. TABLE 26 IRELAND - RESIDENTIAL TRANSACTIONS 2010 - 2015 (NEW BUILD AND SECOND HAND PROPERTIES) 54
  28. CHART 27 PRIVATE NON-RESIDENTIAL CONSTRUCTION OUTPUT BY SECTOR - % BY VALUE 2016 56
  29. CHART 28 IRELAND - INDUSTRIAL CONSTRUCTION OUTPUT 2012-2020 (€000'S) 57
  30. TABLE 29 IRELAND - LEADING INDUSTRIAL CONSTRUCTION PROJECTS - DEVELOPMENT STAGE (BY SIZE, VALUE, REGION AND STATUS) 59
  31. CHART 30 IRELAND - COMMERCIAL CONSTRUCTION OUTPUT 2012-2020 (000'S) 60
  32. TABLE 31 IRELAND - LEADING COMMERCIAL CONSTRUCTION PROJECTS AT VARIOUS STAGES OF DEVELOPMENT (BY SIZE, VALUE, REGION AND STATUS) 64
  33. CHART 32 IRELAND - SOCIAL INFRASTRUCTURE CONSTRUCTION OUTPUT 2012-2020 (€000'S) 66
  34. TABLE 33 IRELAND - CAPITAL INVESTMENT PLAN EDUCATION SPENDING 2016-2021 (€BN) 66
  35. TABLE 34 IRELAND - CAPITAL INVESTMENT PLAN HEALTHCARE SPENDING 2016-2021 (€BN) 68
  36. TABLE 35 IRELAND - LEADING SOCIAL INFRASTRUCTURE CONSTRUCTION PROJECTS (BY SIZE, VALUE, REGION AND STATUS) 70
  37. CHART 36 IRELAND - PRODUCTIVE INFRASTRUCTURE CONSTRUCTION OUTPUT 2012-2020 (€000'S) 72
  38. TABLE 37 IRELAND - CAPITAL INVESTMENT PLAN PRODUCTIVE INFRASTRUCTURE SPENDING (TRANSPORT, ROADS) 2016-2022 (€000'S) 73
  39. TABLE 38 IRELAND - LEADING PRODUCTIVE INFRASTRUCTURE CONSTRUCTION PROJECTS (BY SIZE, VALUE, REGION AND STATUS) 76
  40. CHART 39 CAPITAL PLAN - SECTORAL SHARE OF EXCHEQUER FUNDING 2016-2021 (%) 78
  41. TABLE 40 IRELAND - CAPITAL INVESTMENT PLAN - ALLOCATION BY DEPARTMENT 2016-2021 (€M) 79
  42. TABLE 41 IRELAND - CAPITAL INVESTMENT PLAN - KEY SPENDING PRIORITIES BY DEPARTMENT 2016-2021 80
  43. TABLE 42 IRELAND - CAPITAL INVESTMENT PLAN - ANNUAL PPP UNITARY PAYMENTS 2016-2021 (€BN) 82
  44. TABLE 43 KEY STRATEGIC DEVELOPMENT ZONES IN DUBLIN 85
  45. TABLE 44 IRELAND - NUMBER OF BUILDING AND ENGINEERING FIRMS 2005- 2015 91
  46. TABLE 45 IRELAND'S TOP 25 CONSTRUCTION COMPANIES BY GROUP TURNOVER 2015 (€M) 92

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