The volume of production in building and construction dropped by 0.7% between the third and fourth quarter this year, new data shows.
The figures from the Central Statistics Office show a drop of 6.3% in the volume of production between October and December when compared to the same period in 2022.
The fall was mainly driven by a decline of 8% in output in the non-residential building sector over the period.
This is likely because investment in commercial real estate has stalled due to an over supply in the market, higher interest rates and falling values.
Output in the non-residential segment of the market has been falling steadily since the start of last year.
But the CSO said the volume of output in the residential building sector was up 3.1% in the fourth quarter when compared to the previous three months.
Volume output from the civil engineering sector rose by 2.4% on a quarterly basis.
The seasonally adjusted value index for all building and construction was down by 0.4% on a quarterly basis and by 3.6% on an annual basis.
