€11 billion will be spent on construction here next year

€11 billion will be spent on construction here next year

“Over €11bn in key and major construction projects is already scheduled for 2015 in the construction sector as the recovery takes hold,” Construction Information Services managing director Tom Moloney said.

More than 500 major projects covering all sectors are due to begin in the Republic and the North in 2015. Around €1.4bn will be spent on industrial projects while €3.7bn will be spent on commercial, retail and hospitality projects. Just €1.4bn is already ear-marked for residential profits.

The news helps to explain separate figures published today which show that optimism within the construction sector is running at the highest level since records began in 2000.

“The bad taste left from the downturn in the industry over a number of years is starting to sweeten again and the debate as to whether this industry is improving can be put to rest with the cold, hard facts contained within this special report,” Mr Moloney told The Irish Independent.

The Central Statistics Office reported recently that employment is rising faster in the construction sector than any other area, helping men to return to work. Around 7,000 jobs have been created in the first nine months of the year; a 6.7pc increase on last year.

Last week, the National Asset Management Agency announced a €150m plan to rejuvenate Bolands Docks in Dublin next year.

The technology sector is the key driver of the office market, well ahead of the financial services sector and looks set to record the highest growth in occupancy levels in 10 years.

In turn, Irish landlords and developers are beginning to change their design specifications to cater for the creative staff.

“As IT employers like to keep their employees happy and proud of where they work, some of them organise their buildings in a more democratic style,” Ronan Corbett of DTZ Sherry FitzGerald recently said.

While financial services companies reserve the upper floors for their top management, tech companies prefer to locate staff facilities such as canteens or break-out areas on the upper floors so that all employees can share the views.

Tech companies also need large floor areas to provide space for team projects which can involve up to 50 people.

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