In a positive turn, Northern Ireland has witnessed notable growth in the construction sector for August 2024.
- Project-starts have surged considerably, showing a 21% rise compared to the previous quarter and a 27% increase from last year.
- Main contract awards increased by 42%, reaching £836 million, representing a 10% growth over 2023.
- Detailed planning approvals soared by 21%, achieving a remarkable 103% increase compared to the prior year.
- Social housing and industrial sectors led the way, with social housing starts rocketing 266%, and industrial planning approvals climbing 147%.
- These developments mark a significant upward trend in Northern Ireland’s construction activity.
The month of August 2024 has been a period of substantial growth for Northern Ireland’s construction sector. Project-starts reached a total of £814 million, signifying a substantial 21% increase over the preceding three months and a 27% rise year-on-year. Such performance highlights a robust improvement in construction activities, particularly in projects valued under £100 million, which saw a 32% rise compared to the previous quarter and a 36% increase on an annual basis.
Main contract awards also demonstrated strong growth, accumulating £836 million. This reflects a significant 42% increase over the preceding three months and a modest yet important 10% upturn from 2023 figures. Although underlying contract awards witnessed a decrease, major projects totalled £525 million, showcasing an impressive 239% rise compared to the previous year.
Detailed planning approvals exhibited a remarkable upward trend, totalling £991 million with a 21% increase over the previous quarter and an exceptional 103% increase compared to last year. This surge includes an astounding rise in major approvals, which amounted to £293 million.
The social housing sector was particularly prominent, with project-starts valued at £194 million, accounting for 24% of the total value and marking a 266% increase from the previous year. In parallel, industrial detailed planning approvals rose by 147%, totalling £256 million, making it the most active sector. Offices also experienced significant growth, with planning approvals increasing fourteen-fold to £154 million.
In contrast, while private housing accounted for a notable portion of both project-starts and planning approvals, it faced challenges with a 44% drop in starts vis-à-vis the previous year. However, planning approvals for private housing rose by 16%, attaining £186 million in value and highlighting a sector that remains active yet fluctuating.
Overall, the social housing and industrial sectors were pivotal in driving August’s construction activity in Northern Ireland, underscoring the region’s ongoing commitment to enhancing its construction landscape and addressing housing needs.
Northern Ireland’s construction sector demonstrated remarkable resilience and growth in August 2024, setting a positive trajectory for future developments.
