Construction Outlook: Dissecting 2023 And Expected Trends In 2024

To best describe the current state of affairs of the Irish construction sector, the phrase "cautious optimism" comes to mind. Rhona Henry and Harry Healy of Matheson take a closer look at some key trends in construction throughout 2023 and what we can expect as we venture forth into 2024. We also take a helicopter view of the types of transactions encountered in 2023, and those we expect to see emerging in 2024.

Emerging Sense of Optimism

For many in the construction industry, 2023 was a challenging, if not difficult, year. Cost and material inflation remained persistent challenges and Dublin office vacancy hit its highest point since 2013. Supplier stress and skilled labour shortages provided further headaches. However, as 2023 drew to a close, so too did the lingering sense of foreboding in the industry and a new sense of optimism has slowly and quietly emerged. CIF's Outlook Survey for Q3 2023 saw over half of construction companies surveyed feeling positive