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RLB Northern Ireland issues latest Construction Market Intelligence showing decrease in activity, but housing sector bucking the trend
Local construction, property and management consultancy, Rider Levett Bucknall Northern Ireland, has issued its latest construction market intelligence for Q4 2023 showing that although there is a decrease in activity over the second half of 2023, the housing sector is bucking the trend.
The team who is based in Upper Queen Street, Belfast and who has been involved in projects including Queens University in Belfast has re-forecast the tender price forecast, or the price supplied by the tenderer to the client for the supply of goods or services in the market to 3.50% growth in 2023 and 3.50% for 2024 and 2025. The report highlights that the total volume of construction output has decreased this quarter, but the huge demand and requirement for social housing stock is seeing a continued growth for the residential sector. With the lack of Northern Ireland Assembly’s power-sharing agreement affecting much of the public sector heavy economy, it reports that new starts have slowed generally, as have planning applications and consents. However, the next 12 months, tender price movements are expected to stablise as material shortages and cost stabilise.
“Much of Northern Ireland’s construction activity is based on its public sector activity and so obviously is being impacted with the continuing suspension of the Northern Ireland Executive. However, there is growth in the housing market with a huge demand for social housing as well as many national stakeholders continuing with essential maintenance programmes and/or looking at how they decarbonise their estates.” Carolyn Brady, Partner, Northern Ireland.
For the full RLB Construction Market Intelligence report, please click here.
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