The total value of all construction projects commenced in 2015 jumped significantly throughout the year, increasing by €3.19bn to €6.12bn when compared to the same period in 2014 according to the latest edition of the Building Information Index.
The index is produced by a team of researchers at Building Information Ireland who examine the various phases on every construction project using up-to-date planning and detailed project information.
It provides a quarterly breakdown of the actual monetary value of construction projects in the Irish construction industry broken down by region, funding source and sectors.
This rise in the value of construction activity equates to an increase of 109% in the value of actual construction activity for 2015 when compared to 2014.
Produced by a team of researchers at Building Information Ireland, the Building Information Index contains positive news for all regions of Ireland and all sectors of the construction industry.
Project applications, which measures the value of construction projects that have applied for planning permission, are also up by +22% to €15.43bn in 2015 from €12.64bn for 2014.
The Building Information Index shows that the average number of weeks it takes for a construction project to get from the planning application stage to work starting on site was 75 weeks.
Construction projects in the residential sector continue to be the slowest to get through this process, taking on average 138 weeks, which is much slower than the previous edition of the Building Information Index.
The best sectors for speed from application to commencement were education (52 weeks) and agriculture (52 weeks), followed by industrial (54 weeks).
“The Building Information Index shows that the value of commenced construction projects increased by €3.19bn to €6.12bn in 2015 from €2.93bn for 2014. Nationwide the statistics show that the long talked about recovery in the construction sector is beginning to be felt in every region,” said Danny O’Shea, managing director, Building Information Ireland.
“The data from the Building Information Index shows that the value of project commencements are up significantly everywhere. Munster has recorded the largest increase with gains of +206%, Dublin +134%, Leinster +55% and Connacht/Ulster +34% showing that the volume and the value of construction projects that started in 2015 is very strong throughout the country.”