Los Angeles-based construction giant Aecom has published a report into the Irish construction industry that estimates it will grow 20% in 2019 and be worth €24bn. Meanwhile, the Northern Irish sector is forecast to rise 6% to €3.6bn.
Aecom gathered data from senior professionals in the public and private sectors, and concluded that 77% of respondents expected their own businesses to expand in 2019.
Despite the optimistic outlook, half of those surveyed foresaw a shortage of resources over the next five years, and believed that the construction industry was "not evolving fast enough to meet changing needs", by, for example, taking up emerging technologies.
There was also a worry about the scarcity of talent, as only 15% of respondents said they were able to source the right workers, and 40% believed that the "inability to attract and keep talent" was their largest concern.
Aecom suggests that the labour market could be helped by offering workers "greater certainty is needed in terms of wages, costs of living and the viability of the market".
John O’Regan, a director of Aecom in Ireland, said: "This year’s review unlocked a message of positivity and optimism within the construction industry in Ireland. That being said, areas of concern were highlighted such as the sustainability of our foreign direct investment (FDI) plan, how prepared companies felt to deal with looming talent shortage and our infrastructural resilience in the wake of increasing climate changes.
"Success is not just attracting new FDI, it is also retaining it and continuing to adapt our infrastructure to ensure we meet future needs. That is why greater foresight into our future infrastructure and housing requirements across cities and regional urban centres is crucial to ensure our continued economic growth and maintain our strong FDI pipeline.
Aecom’s report can be downloaded here.
Image: Motorway construction in Ireland (Wikimedia Commons/Seighean)