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In 2023, the construction and property space experienced a very busy year, and the outlook for 2024 shows this trend continuing. The industry grew by 3.2% last year, and despite global challenges, growth is forecast to be 4.4% in 2024. This will see Ireland as one of the strongest performers in Europe this year.
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With a series of government mandates in place, including the promotion of renewable energy, infrastructure development, and meeting building targets for new residential homes, the construction industry in Ireland is expected to continue placing heavy demands on the labour market in 2024. According to the Construction Industry Federation, there are currently almost 170,000 working in construction, but many more are needed.
Ireland stands out as the only EU country where strong housing construction growth is forecast in 2024. An estimated 31,000 new homes were to be completed in Ireland in 2023, this is predicted to rise 7.9% to 34,000 in 2024. Non-residential construction is projected to increase by 2.9% and 2.6% over the same two-year period, while civil engineering output will rise by 5.3% in 2024, driven by substantial public investment in infrastructure and ongoing initiatives in renewable energy and telecommunications infrastructure.
Dublin has emerged as an unexpected epicentre of activity within the renewable energy sector. Solar power is the dominant choice in the Leinster and Southern regions of Ireland, while wind energy projects lead in the West. This significant shift is impacting the grid, with nearly 40% of all energy production coming from renewable sources in 2023. The potential of coastal and offshore wind options is being explored further as part of efforts to reduce reliance on fossil fuels, oil, and gas. The hope is that the renewable energy sector will experience rapid growth to achieve the net-zero targets necessary for Ireland’s sustainability and stewardship for future generations.
Looking ahead, major infrastructure projects such as the DART + Fleet and West, Dublin Metro, the N6 Galway City Ring Road, and the M20 Cork-Limerick motorway will require engineers, quantity surveyors, project managers, and health and safety advisors with civil experience.
The non-residential commercial market is forecast to be the weakest of the sectors across 2023 and 2024, before resuming modest growth in 2025. Owners are also looking to reposition assets, and an assessment of their suitability for alternative uses needs to be undertaken. Many dated office buildings are being considered by the healthcare, hotel, and education sectors, where demand remains strong, and occupier demand is a key driver for growth.
Salaries in sought-after construction roles are expected to rise by an inflation-busting 15% in 2024, well above the typical inflation rate of 3%. There are a lot of positives as we move into 2024, and Cpl and Techskills are optimistic as construction continues to boom across the country. Developments leading to lower costs of materials will only add to the positive outlook, and the Government's Strategy and Planning Development Bill should see further increases in the number of projects breaking ground across the country.
In 2024, the construction industry could expect to see the historic climate legislation take greater effect as tax credit guidance is finalised. The massive public and private investment and channelling of capital toward the clean energy transition will propel solar and storage deployments to continue soaring, onshore wind to recover, and residential technologies to pick up speed.
In-demand roles 2024:
Commercial (QS) Managers, Quantity Surveyors
Project Managers, Civil Engineers
Development / Asset Management Managers
Health and Safety Officers
Specialists within R & D – Hydrogen, Solar, Hydro, Energy Storage,
Electrical Design Engineers
Mechanical & Electrical Project Engineers
Building Services Engineers
Sustainability and Environmental Engineers/Project Managers
Design Engineers
Energy Analysts
QA/QC Engineers
Project Controls Engineers/Managers
Experienced trades in all disciplines
In 2023, construction was the most in-demand profession in Ireland. This will continue into 2024 and beyond.
The key areas that require personnel are - Engineering (all disciplines), Project and Construction Management, Surveying (all disciplines), Quality, Environment and Health and Safety Managers as well as all the trades covered by the apprenticeships.
Apprenticeships are critical in ensuring that the high level of construction skills and the quality of the skilled construction workforce is maintained.
There will also be a significant requirement for new technical training courses for construction sector workers. This will ensure that the construction workforce is highly skilled, mobile, and able to adapt to the changing economic conditions whilst ensuring that output isn’t affected.
Civil, Mechanical & Electrical Engineering
Quantity Surveying
Project Management
Architecture
Apprenticeships – Electrical, Plumbing, Electrical Instrumentation, Carpentry and Joinery, Plastering, Painting & Decorating, Skilled machinery operators
Level 8 (or higher) Quality & Qualifications Ireland (QQI) major academic award accredited by the relevant Professional Institute (Society of Chartered Surveyors in Ireland, Royal Institution of Chartered Surveyors, Engineers Ireland, Royal Institute of Architects of Ireland). Mechanical & Electrical discipline; Mechanical/ Electrical/ Instrumentation Senior Trade, City & Guilds or equivalent.
Interestingly, employees in Ireland are not very satisfied with the benefits they receive, with 54% being ‘neutral’, ‘dissatisfied’, or ‘highly dissatisfied’ with their packages. Our research also revealed that non-financial benefits are as important, if not more important, than financial benefits in many cases.
The top benefits your employees really care about are:
Competitive Annual Salary with annual increments
Bonus/ Income / Salary Protection
Healthcare Package /Pension Contribution
Flexi- time / WFH
Educational Assistance / CPD
Parents policies –paternity leave and parents leave.
Death in Service
Benchmark salaries across different locations, industries, and areas of expertise
Reach out to Cpl's and Techskills Construction and Property teams for a consultation on how we can help you meet your talent needs for 2024 and beyond.