The 7bn total for the value of the repair, maintenance and improvement work includes residential premises, non-residential premises such as offices, factories and other buildings and civil engineering work. The CIF forecast this sector to grow year on year by 4% over the medium term.
The repair, maintenance and improvement work to existing homes and apartments was worth 4.5bn euro in 2006 and now accounts for 12% of all construction activity. The CIF forecasts that this construction activity will be worth over 5bn euro by the end of 2007, and it will grow in value by 4.4% annually between 2006 and 2009.
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According to Dr Peter Stafford, Research and Policy Development Executive with the CIF: “This is a growing sector for the construction industry and reflects the increase in Ireland’s infrastructural shock over recent decades. In relation to housing and office infrastructure, a large proportion of our existing stock throughout many of our towns and cities was built before or during the 1970s and much of this is being modernised and improved.
“Added to this work, many homeowners are also now modernising or improving their dwellings. As our economy continues to grow alongside that of our population, the repair maintenance and improvement sector of the construction industry will continue to grow ensuring the continued investment in the upkeep of the country’s physical infrastructure.”
(JM/SP)
