35,000 jobs will be lost in the construction sector over the next 18 months, according to an economic forecast by Davy Stockbrokers.
But the report says the losses will be offset by 15,000 new jobs in building of infrastructure and commercial property developments.
It also predicts economic growth will remain strong.
Jitters about the economy mean that for the first time in years Irish shares are underperforming European stock markets. London is up 8% this year, but Dublin is down 5%.
Davy Stockbrokers says the main concern is the housing slowdown.
It says construction output will fall by one quarter, and predicts that the economy will grow by 4.5% this year and 3% in 2008.
That is one of the lowest economic forecasts published recently and less than the Central Bank's predictions.
Davy says growth in jobs will be 20,000 next year - down from 80,000 in recent years.
Irish growth is still substantially higher than Britain and other countries using the euro.
