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Significant boost for construction industry from FDI– IDA

Significant boost for construction industry from FDI– IDA

Construction Jobs Creation : Significant boost for construction industry from FDI– IDA

Up to 1,500 building jobs will be created over the next two years on back of 1.5m sq feet of new build. The jobs and economic impact generated by these new projects will be a shot in the arm to the industry and we hope to see further investment in the months and years ahead. Tom Parlon, director general of the Construction Industry Federation .

The recent strong flow of FDI projects announced will deliver a significant boost for the construction industry, IDA data indicates.

Ten recent investments will have a combined total requirement of over 1.5m square feet, predominantly for manufacturing. IDA estimates this will lead to a need for 1,500 construction workers over approximately 2 years. The new buildings are required for the life sciences, ICT and data centre sectors. This is separate from the take up of office space by other IDA clients in Ireland in recent times.

Among the companies planning to construct new buildings are Eli Lilly, Boston Scientific, Allergan, Microsoft, Analog Devices, Google and Apple.


IDA estimates, drawn from project announcements and planning data, reveal that in total 1.5m square feet of new construction will be needed, bolstering the construction industry at a particularly challenging time.

Commenting the Minister for Jobs, Enterprise and Innovation, Richard Bruton said: "If we are to achieve the levels of employment we are targeting, the construction sector will have to play a role in this. We all know that the sector grew to unsustainable levels during the boom - but it is equally true that it is unsustainably small now. Through the Action Plan for Jobs and Budget 2012 we will implement a series of measures to help the sector get back on its feet, and the growth of multinational companies is a small but very important part of this. This is another side of the very important work the IDA is doing and they deserve to be congratulated on this".

Commenting on the demand, IDA chief executive Barry O'Leary said: ''Announcements in recent days have shown the direct contribution FDI can make, but what is sometimes overlooked are the secondary or spillover effects. Chief among these is the boost to the construction trade with a demand for new build growing rapidly. This will mean fresh demand for 1,500 construction workers''.

Commenting on the period ahead, Tom Parlon, director general of the Construction Industry Federation said: '' "Foreign direct investment has been one of the few sources of optimism to the construction industry at a time when there has been little activity and high levels of unemployment in the sector. Many of the companies being brought to Ireland are undertaking major commercial and office construction projects to meet their needs, with the announcement by Apple that they are to construct a new building in Cork being the latest example. The jobs and economic impact generated by these new projects will be a shot in the arm to the industry and we hope to see further investment in the months and years ahead."

 

Source : IDA.ie 22/04/2012

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