+41% Growth in Value of Construction Commencements
According the latest edition of the Building Information Index the value of construction project commencements has grown by +41% when compared to the same period of 2014. While the Q1 year on year comparison showed a fall in activity, a strong Q2 2015 brings the total half year Commencements to €2.75bn compared to €1.95bn in 2014. Three sectors registered modest decreases, Agriculture (-12%), Education (-37%) and Medical (-6%). Commercial and Retail recorded strong growth with Commencements up +141% (to €624m) on 2014 figures. Industrial also was up +58% to €191m. Residential, the largest and most significant sector show growth of +44% year on year with the value of Commencements in the first 6 months of 2015 at €1.43bn.
New Planning Applications – Regional Big Picture
The Building Information Index breaks out Planning Applications into four regions: Dublin, Leinster, Munster and Connacht / Ulster. The Q2 Index shows an overall +27% National Increase in the Value of new Applications submitted during the first 6 months of 2015. In contrast to Q1 figures, Dublin (€2.98bn) now represents the region with highest value of new Applications submitted up+45% over last year. Leinster (€2.1bn) sees a sharp increase of +65% and Connacht / Ulster (€743m) is marginally up by +2% over same period last year. It is interesting to see a -18% fall in Munster (€1.2bn)
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