Housing crisis to worsen as wages soar by 10pc in construction industry

"Higher costs will hit housing targets and the National Development Plan"

"Wages in construction are rising rapidly, pointing to a potential overheating in the sector, the Economic and Social Research Institute (ESRI) has warned."

"Construction wages are increasing to a much greater extent than in the economy as a whole, as the sector deals with the competing demands of building houses, retrofitting, and infrastructure projects."

Wages in construction are rising rapidly, pointing to potential overheating in the sector. Construction wages are increasing much more than wages across the economy. The sector faces competing demands for labour and resources from housebuilding, retrofit programmes, and major infrastructure projects. Rising construction costs will hit housing targets and place pressure on the National Development Plan. Increased labour costs can lead to project delays, budget overruns, and reduced housing delivery. Managing these pressures requires expanding skilled labour supply, raising productivity, and improving procurement and cost-management to protect housing and infrastructure delivery.

Read at Independent