The Construction Industry Federation (CIF) said on Thursday that 10,600 additional workers joined the construction workforce in 2018, up 8 per cent year on year. This brings the total to 145,500.
There was a 20 per cent increase in investment in construction in 2018, with €26 billion invested during the year. A report shows that housing investment increased by 24 per cent in 2018, with 18,072 new housing units completed, an increase of 25 per cent on 2017.
"CIF forecasts predict completions of new homes will increase to 23,000 in 2019 and 28,500 in 2020, with an increase in housing investment in 2019 of 20 per cent and further increase of 12 per cent in 2020," said Jeanette Mair, the organisaton's economic and policy research executive.
The report also shows that non-residential construction increased by 12 per cent in 2018, which has been driven by the commercial and foreign-direct investment sectors.
The cost of construction rose by 7.7 per cent in 2018 and is forecast to rise by 6.5 per cent this year, according to the report. The CIF report indicates that these increases are being caused by the high demand for construction services, skill shortages and wage increases.
