Mr Hazzard made his comments after a recent report by the Royal Society of Ulster Architects (RSUA) revealed a 6% decline in NI's private construction sector over the past year.
Over the same period, the Central Statistics Office in Dublin reported a 21% increase in the volume of output in the building sector in the Republic of Ireland, while Great Britain recorded growth of around 0.5% over the year.
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Mr Hazzard said whilst Britain's private construction is stagnating, "the North is more badly affected and is in decline".
"Once again it is clear from this report that the North will bear the hardest effects of Brexit," the South Down MP said.
"Sinn Fein have consistently stated that Brexit will be bad for the economy on this island, bad for business and investment, bad for farmers, bad for the environment, bad for workers' and human rights regardless of whatever outcome is reached in the negotiations and these effects."
"This decline comes as the south of Ireland boasts a strong 21% increase within the private construction sector. This is yet another example of the two parts of the island economically diverging with Brexit confusion plunging the North's private sector into decline."
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