Ireland is not the only country experiencing a decline in the construction industry. The latest figures released by the Office of National Statistics in the UK suggest that in the first Quarter of 2011 construction output fell by 4%. This is somewhat expected given the typical seasonal deviations in the construction data. And the figure is less worrying when noting that output in Q1 2011 is 3.4% higher than output was in Q1 2010. Suggesting that there may be signs of a tentative recovery in output in the sector. However, it is still substantially below the levels observed at the height of the industry in 2007.
Figure 1 shows how, over the last few years, construction output has declined dramatically but in recent quarters is displaying something of a recovery. This is dramatically at odds with what is occurring in Ireland where construction output has been in a continual downward spiral. It can be noted that while in 2009 output floundered throughout the year, following a continual decline in 2008, from Q1 2010 improvements were observable in the output of the industry. This peaked in Q2 and Q3, as would be expected given the highly seasonal nature of this industry. The decline in Q4 2010 and Q1 2011 are likely the result of this typical seasonal variation and when figures are released in three months time for Q2 2011, provided that there is no major shock to the industry, it would be expected that the output would rise again. It will be interesting to observe however whether the output rises above that experienced in 2010 or whether, year on year, the seasonal peaks will be lower.
6/21/2012 03:09:08 pm
Nice blog about the UK construction company and the points which are described are also interesting to read. Thanks for the blog post.
7/17/2012 06:37:35 pm
This blog post is excellent probably because of how well the subject was developed. I like some of the comments too though I would prefer we all stay on the subject in order add value to the subject!
8/23/2012 08:06:23 am
Thanks for the informative post there has been a decrease in the construction industry from last few years.
9/2/2012 06:26:54 pm
Great piece of writing, I really liked the way you highlighted some really important and significant points. Thanks so much, I appreciate your work.
11/5/2012 11:27:02 am
I found your blog informative.The fact and figures about output of construction industry is demonstrated in a descriptive way.Thanks for the post
12/17/2021 08:10:35 pm
Excellent article, and I totally agree that you have to put out great content that your audience will find valuable on a regular basis.
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Justin Doran is a Lecturer in Economics, in the Department of Economics, University College Cork, Ireland.