VALUE OF CONSTRUCTION OUTPUT TO FALL TO €7.5 BILLION THIS YEAR - A report out today on the construction industry, for the Society of Chartered Surveyors Ireland and by DKM Economic Consultants, predicts that there will be no increase in construction output before 2014. It says the value of construction output will be €7.5 billion this year, down from €8.7 billion last year and from €39 billion at the peak of the boom.
Andrew Nugent, chair of the quantity surveying group at the Society of Chartered Surveyors, says there are some bright spots on the horizon for the construction sector and sees major opportunities for the industry from the energy sector in the coming years. Due to the rising cost of oil and other fuels, he also predicts a lot of business from the retrofitting of homes. He says the common thread of the report is that the construction industry has stabilised after a traumatic six or seven years, but that it will be another two or three years before an upturn can be expected.
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MORNING BRIEFS - Tesco results out this morning show that its group sales for last year were up 7.4% to £72 billion sterling. Group trading profit was up 1.3% to £3.8 billion pounds, but fell by 1% in the UK. While it does not give a breakdown of its Irish operations, Tesco did note the continued effects of severe austerity measures in two of its biggest European markets - Ireland and Hungary. The retailer, which is the third biggest in the world, said it would spend £1 billion this year overhauling its UK business to win back market share, restore sales growth and calm nervous shareholders.
*** Hyder Consulting says it has up to 1,000 jobs available for highly qualified construction staff. The jobs are in the Middle East and are on infrastructure projects. Hyder wants to hire up to 400 workers this year, and 600 over the next two years. Meanwhile several hundred new jobs are to be announced later today for North County Dublin and Galway.
