Construction output in Ireland is expected to suffer a contraction that would surpass any single-year decline during the financial crisis, according to figures from industry forecaster Euroconstruct.
New figures show output in the sector is expected to fall by 37.7% this year.
According to stockbroker Davy, this would be worse than the most significant fall during the financial crisis of 33.6% in 2009. Expectations regarding the fall are the worst in Europe, though reflect the UK figures, where a fall in output of 33.4% is expected.
According to Annette Hughes, a director at EYDKM Economic Advisory, a member of Euroconstruct which compiled the figures for Ireland, the drop in output is expected due to the shutdown of construction sites after the onset of the Covid-19 pandemic here. She believes on-site health guidelines may also affect productivity.
"The Covid-19 global pandemic stopped the construction sector in its tracks on March 28. There is no clear visibility as to how the Covid-19 pandemic will materialise over the coming months or as to its duration."