Construction output rises but remains below pre-pandemic levels

Construction output rose by 6.2 per cent in the final three months of last year but activity remains below pre-pandemic levels, according to the Central Statistics Office (CSO).

The agency’s latest production in building and construction index indicates activity in the final quarter of 2021 was 6.3 per cent lower than the same quarter in 2019.

A breakdown of the data shows this was also the case in the residential and non-residential categories, with activity levels remaining lower than the final quarter of 2019, but activity levels in civil engineering increased by 11.6 per cent.

The civil engineering sector showed the largest quarterly increase, with a rise of 6.2 per cent in the seasonally adjusted volume index, while the residential sector increased by 4.4 per cent and the non-residential sector increased by 4.3 per cent.

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The Central Bank is forecasting that about 25,000 new housing units will be built this year, followed by 30,000 and 35,000 units in 2023 and 2024 respectively. The 35,000 figure is roughly the estimated level of demand in the market, although some say it is higher.