In RLB's latest Construction Market Intelligence for Q4 2023 reports that new starts have slowed generally, as have planning applications and consents due to the lack of Northern Ireland Assembly's power-sharing agreement affecting much of the public sector heavy economy.
-- Advertisement --
The construction, property and management consultancy 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 per cent growth in 2023 and 3.50 per cent for 2024 and 2025. However, the next 12 months, tender price movements are expected to stabilise as material shortages and cost stabilise.
Carolyn Brady, Partner, Northern Ireland, said: "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."
