The Construction Sector

 

Avid Partners provides accounting services for clients operating in the building trade, the construction services sector, trade organisations and sub-contractors. We have worked with companies to help them restore their credibility in their industry and to help them grow their businesses again after years of austerity and cost cutting. Avid Partners works closely with our construction related clients to re-instil best accounting business practices into their companies and help create a roadmap for future growth now that the clouds in their industry are starting to clear.

 

Arguably there was no other industry in Ireland more effected by the downturn and reduction in demand of the previous five years than the construction sector. We all remember the daily reports of job losses, uncompleted projects grinding to a halt, lack of liquidity and investment, inflated costs and prices, as well as the never ending bad publicity of practices in the industry which gave the sector a black eye it is only now recovering from. In recent times however the long heralded green shoots finally seem to be sprouting.

 

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Sector Issues

Despite the new found optimism in the industry there are still significant challenges facing the sector as it strides to recover from the losses of 2008-2012. These include:

  • Legacy issues of indebtedness and loss of credibility which must be regained
  • Lack of capital available to the construction industry
  • The emergence of a black economy in certain trades and practices in the industry
  • NAMA and its on-going influence on the construction sector
  • The continued depression of the civil engineering and infrastructure subsectors

 

Industry Stats

  • The PMI Index has shown consecutive monthly growth since the start of 2014
  • Commercial property activity has increased with many foreign funds now beginning to re-enter the Irish market through acquisitions
  • Residential property prices in parts of Dublin have increased in the latter part of 2013 and early 2014
  • Employment in the construction sector has risen above 100,000 for the first time in many years
  • Many commentators suggest that 2014 will mark a return to growth for the construction industry as a whole, the first such increase since 2007

 

Contact Us

Contact Avid Partners today on 01 4286900 to see how we can assist you with accounting for your construction business. Download our article on your area, book a place on our next industry seminar and make an appointment today to chat about your business with one of our expert Avid Partner staff.

 

Solutions Include:

Scenarios:

Many businesses are still having difficulty raising money to grow their companies. When seeking finance be as diverse in your product categories' as you can so that lenders can see you're not exposed to a high risk investment category. Show clearly that you are in a position to repay any borrowings and demonstrate what the capital will be used for (new equipment, materials, marketing, premises, etc). The more detail you can include the clearer it will be for the lending's committees to judge your application favourably.
Yes. The vast majority of governmental construction and building work has to go through a formal tending process with the most suitable company selected as the preferred bidder. These contracts can be small and large in scale and bidders usually have to have a track record of work in the specific area and be of sound financial standing. You can keep track of such available work at www.etenders.gov.ie. There can be a lot of hoops to jump through but if the project is valuable to your organisation and you have the time to make a quality submission then apply. You may be the best fit for the job.
Many industries undoubtedly took a battering during the downturn and many had to cut costs and staff just to survive. Now that the green shoots are starting to emerge and the sector will likely grow this year many of our clients have revert back to an expansion mentality with an emphasis on growing their business rather than cutting costs. The companies that have come through the tough times now see opportunities on the horizon with pent up demand and increasing disposable income . Also a reduction in competition will give existing operators a head start in the sector before the inevitable new entrants as the market picks up.
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